Novera Energy Ltd
17 July 2006
17 July 2006
Novera Energy Limited
Acquisition of RED's Wind Farm Portfolio
Novera Energy Limited (AIM: NVE), the leading independent renewable energy
generator in the UK, is pleased to announce that it has reached an agreement
with Renewable Energy Development ('RED') to acquire the majority of RED's wind
This portfolio consists of 6 wind farm developments in the UK, with a potential
capacity of approximately 120 MW. 5 of the 6 sites are targeted to be in
operation before 2010.
This brings the Novera development portfolio to 30 sites with a potential
capacity of approximately 800 MW. In line with industry standards, Novera expect
to convert 40% of these prospects into delivered projects.
David Fitzsimmons, Chief Executive of Novera Energy said: 'We are delighted to
have strengthened our portfolio of wind sites and we continue to seek to
increase operational capacity. We welcome David Taylor, the founder of RED, to
the Novera team'.
For further information:
Novera Energy Limited Hudson Sandler
David Fitzsimmons, Chief Executive Nick Lyon/Amy Faulconbridge
Rory Quinlan, Chief Financial Officer Tel: +44 20 7796 4133
Tel: +44 20 7845 9720
Notes to editors
1. Novera and RED entered into a joint development agreement in March 2005. Under the terms of the
agreement, Novera has already acquired a 50% interest in four developments; Lissett Airfield (Yorkshire),
Mount Boy (Angus) and two further sites in Scotland.
2. Today's agreement sees Novera acquiring the other 50% of these developments and 100% of two further
developments, both in Scotland
3. There is no consideration for today's transaction. However, RED retains the ability to earn royalty
payments from completed projects once Novera has achieved its minimum investment returns.
This information is provided by RNS
The company news service from the London Stock Exchange