Novera Energy Ltd
19 July 2006
19 July 2006
Novera Energy Limited
Novera Energy Limited (AIM: NVE) (the 'Company') is an established renewable
energy group which develops, owns and operates renewable power assets in the
United Kingdom. The Board of Novera is pleased to make the following trading
update in advance of its interim results for the six months ended 30 June 2006
which will be released by the Company on the 19th September 2006.
Novera's landfill gas joint venture, NMRE, owns and operates mature, proven and
low risk renewable energy generating assets mainly from landfill gas, with some
small hydro and wind power.
• In March 2006 NMRE's Mynydd Clogau wind farm (14.5 MW) was commissioned.
• In May 2006 NMRE made a gain on sale of £0.2m on the disposal of its
German wind farms. Novera's share of the proceeds is due to be received in
July 2006 (£1.1 million).
• In June 2006 the Company received the second half of 2005 distribution of
£0.5 million from NMRE, in line with expectations.
NMRE's operating performance for the first five months of 2006 improved against
the corresponding period of 2005, largely due to the increase in generation
capacity of 11%. The 2006 year to date (to end May) operating performance of
NMRE is as follows:
Jan - May Jan - May Movement
Installed Capacity (end period MW) 136 122 11%
Generation (MWh) 246,773 208,594 18%
Revenue (£'000) 13,092 9,834 33%
The Company has made good progress on its portfolio of wind developments:
• In July 2006 the Company submitted the planning application for the
Lissett Airfield wind farm in Yorkshire (24MW).
• In July 2006 the Company acquired the majority of the RED Group's wind
Novera's wind development portfolio now stands at 30 sites, with a potential
capacity of approximately 800MW. In line with industry standards Novera expect
to convert 40% of these prospects into delivered projects.
Advanced Energy from Waste
The Company also made significant progress on its Advanced Energy from Waste
project during 2006:
• In March 2006 the Company submitted a planning application for our 10MW
East London Sustainable Energy Facility ('ELSEF') to the London Thames
Gateway Development Corporation.
• In July 2006 the Company received the draft Integrated Pollution
Prevention Control ('IPPC') consent from the Environment Agency for the
ELSEF plant and expects to receive the full IPPC consent during August 2006
in time for the planning approval.
Commenting on the half year, David Fitzsimmons, Chief Executive Officer, stated:
'Novera continues to make good progress in each of its three business units,
wind, advanced energy from waste and landfill gas. I welcome the growth in the
capacity and output of NMRE as well as the progress of our wind and advanced
energy from waste developments. I am confident that we will make further
significant progress in the second half of the year.'
For further information:
Novera Energy Limited Hudson Sandler
David Fitzsimmons, Chief Executive Nick Lyon
Rory Quinlan, Chief Financial Officer Tel: +44 20 7796 4133
Tel: +44 20 7845 9720
This information is provided by RNS
The company news service from the London Stock Exchange