Novera Energy Ltd
31 January 2007
31 January 2007
NOVERA ENERGY LIMITED ('Novera' or 'the Company')
The Board of Novera, one of the leading independent UK renewable energy
companies, is pleased to make the following trading update in advance of its
preliminary results for the year ended 31 December 2006 which will be released
by the Company on 29 March 2007.
On 22 January 2007 Novera acquired the remaining 50 per cent. of NMRE from
Macquarie International Infrastructure Fund. NMRE was established as a 50:50
Joint Venture between Novera and Macquarie International Infrastructure Fund in
The acquisition represents a significant step in the Company's long-term growth
strategy of becoming the leading independent developer and owner of renewable
energy assets in the UK. Novera now owns and operates mature, proven and low
risk renewable energy generating assets mainly from landfill gas, with some
small hydro and wind power.
On a pro-forma illustrative basis, with the results of Novera and NMRE fully
consolidated from 1 January 2005, the revenue for year ended 31 December 2006 is
£32.5 million compared to £26.7 million in 2005.
Operating performance in 2006 improved against 2005. Revenue increased by 20% to
£30 million largely due to an increase in generation capacity of 7%. The
operating performance of 100% of NMRE is as follows:
YE 31 December 2006 YE 31 December 2005 Movement
Installed Capacity 131MW 122MW 7%
Generation 573GWh 530GWh 8%
Revenue £30 million £25 million 20%
Novera has strengthened its wind team and made tangible progress towards its
five year goal of 250MW of capacity from green field development.
•In July 2006 Novera submitted a planning application for the 24MW Lissett
Airfield wind farm in Yorkshire, for which the planning decision has now
been deferred until late February.
•In July 2006 the Company acquired the majority of the RED Group's wind
•Novera's next wind development site, Mount Boy in Scotland (6MW) was
submitted into planning in January 2007.
•Novera has completed feasibility studies on eleven sites with potential
capacity of 166MW which are now in the pre-planning stage.
•Beyond this Novera has a further portfolio of projects with a potential
capacity of in excess of 300MW.
Together this provides the company with the confidence that the Company can
deliver 250MW of operating capacity within 5 years.
Energy from Waste
Novera has made significant progress on its 10MW East London Sustainable Energy
•Planning permission for the plant, which will be located at Ford's site
at Dagenham, was granted in September 2006 by the London Thames Gateway
•IPPC authorisation to operate the facility was granted by the Environment
Agency during September 2006.
Commenting on the year, David Fitzsimmons, Chief Executive Officer, stated:
'Novera continues to make excellent progress. The acquisition of the other 50%
of our operating joint venture is an important milestone for the Company. Last
year's operational performance was very encouraging and we remain confident in
our ability to meet or exceed the synergy targets described with the
For further information:
Novera Energy Limited Hudson Sandler
David Fitzsimmons, Chief Executive Nick Lyon / Amy Faulconbridge
Rory Quinlan, Chief Financial Officer
Tel: +44 20 7845 9720 Tel: +44 20 7796 4133
This information is provided by RNS
The company news service from the London Stock Exchange