Novera Energy Ltd
22 February 2007
22 February 2007
Novera Energy Limited ('Novera' or 'the Company')
Planning Approval Granted for 24 MW Wind Farm in East Riding of Yorkshire
Novera, one of the leading independent UK renewable energy companies, is
delighted to announce that the Company has received planning approval to build a
24 MW wind farm on the former RAF airfield near Lissett, south of Bridlington.
Novera expects to start construction of the wind farm later this year with
commercial operation commencing during the second half of 2008. The anticipated
capital cost is £26.5 million, which the Company plans to fund through a
combination of debt and existing cash reserves.
When fully operational, the Lissett wind farm will generate enough renewable
electricity for approximately 13,000 homes, equivalent to 10% of the households
in the East Riding of Yorkshire, and save 61,000* tonnes of carbon dioxide
emissions each year.
Commenting on the decision, David Fitzsimmons, Chief Executive Officer of Novera
'Climate change and renewable energy are high on everyone's agenda, and we are
therefore delighted to have received planning permission for Lissett. The
decision today supports our five year goal of delivering 250MW of onshore wind
generation capacity to our existing portfolio of operating renewable energy
assets. I am pleased with the progress we are making on the delivery of our
green-field development pipeline.'
The Novera's Mynydd Clogau wind farm came into operation in March 2006 with a 15
MW capacity. On 5 January 2007, Novera submitted its first planning application
of the year for the 6 MW Mount Boy wind farm in Angus and applications for
further wind farms with a potential capacity of 70 MW are expected to be put
before planning authorities by the end of 2007.
Novera has a 131 MW renewable energy portfolio spanning small hydro, onshore
wind and landfill gas. Late in 2006 the Company received planning permission to
build a 10 MW sustainable waste-to-energy plant in East London.
Novera Energy Limited 020 7845 9720
David Fitzsimmons, Chief Executive Officer
Rory Quinlan, Chief Financial Officer
Hudson Sandler 020 7796 4133
Nick Lyon / Amy Faulconbridge
* This is based on an emissions factor of 860g CO2/kWh, as electricity generated
by coal fired power stations is typically displaced by wind power generating
capacity. However, it should be noted that future changes in the power
generating mix and fuel costs in the UK over the life of the wind farm means
this figure may change over time
This information is provided by RNS
The company news service from the London Stock Exchange