Novera Energy PLC
22 November 2007
22 November 2007
Novera signs contracts and achieves financial close for its wind farm at Lissett
Following planning agreement with the local planning authority in July and the
expiry of the 90 day objection period, Novera Energy, one of the leading listed
independent UK renewable energy companies is pleased to announce that it has
entered into contracts for the Power Purchase Agreement, the Engineering,
Procurement and Construction (EPC) Contract and the Debt Facility for its wind
farm at Lissett Airfield.
Construction is programmed to start later this year with generation targeted to
begin during Q4 2008. The total cost of the project will be £37.7m.
The EPC contract has been granted to Nordex UK for the supply, construction and
commissioning of twelve 2.5 MW N90 wind turbines, increasing the capacity at
Lissett from the originally projected 24 MW to 30 MW. Nordex has been developing
wind turbines for 22 years and currently has more than 3,100 turbines installed
with a total rated output of more than 3,530 megawatts in 34 countries. The N90
has a 90-meter rotor and achieves its full nominal output even at relatively low
wind speeds, ensuring that high yields across the entire wind spectrum can be
achieved at inland locations.
Under the debt facility Fortis Environmental Finance led by the Fortis Energy
and Utilities team in London has fully underwritten the £31.5 million of limited
recourse debt facilities over a 16.5 year term for the project. Fortis has
placed more than EUR 2.2 billion in over 60 renewable energy projects, and is a
market leader in this field.
The Power Purchase Agreement has been completed with Scottish and Southern
Energy to take all the electricity generated by the wind farm at competitive
David Fitzsimmons, CEO of Novera, said: "The financial close of the Lissett
project and the signing of contracts with well known major suppliers marks a
major milestone for Novera. It demonstrates our capability to get consent and
develop and finance larger wind farms. It marks a significant step towards our
goal of having 250 MW from wind power by 2011. In addition, we remain on track
to submit planning applications for three further wind farms, with a total
capacity of approximately 70 MW, by year-end."
For further information:
Novera Energy plc Tel: +44 (0) 20 7845 9720
Rory Quinlan, Chief Financial Officer
Oriel Securities Limited (Nominated Adviser) Tel: +44 (0) 20 710 7600
Adrian McMillan / Michael Shaw
Gavin Anderson & Company Tel: +44 (0) 20 7554 1400
Ken Cronin / Kate Hill / Michael Turner
Notes to Editor
Novera is a leading independent UK renewable energy group, with a portfolio of
landfill gas, waste and wind assets and projects. The Company has 122 MW of
renewable power generation at 58 sites across the UK and is developing a
portfolio of wind farms with a target capacity of 250 MW by 2011.
Novera received planning approval to build a 30 MW wind farm on the former RAF
Airfield near Lissett, south of Bridlington in February 2007 followed by full
planning consent in July. During the Second World War, Lissett was the base for
158 Squadron RAF, a Halifax bomber squadron. As a reminder of this time, Novera
will erect a memorial and name the turbines after the Halifax bombers that flew
from the Airfield.
This information is provided by RNS
The company news service from the London Stock Exchange