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Novera Energy PLC (NVE)

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Monday 07 July, 2008

Novera Energy PLC

Heads of Terms Signed with Fo

RNS Number : 4127Y
Novera Energy PLC
07 July 2008
 







7 July 2008

Novera Energy plc ('Novera' or the 'Company')


Heads of Terms Signed with Ford for Electricity and Land Use




The Board of Novera is pleased to announce that an agreement has been signed with Ford Motor Company Limited ('Ford') for the supply of up to 13 megawatts of electricity, which will be generated from the Company's East London Sustainable Energy Facility ('ELSEF'), to Ford's Dagenham Estate.  


A further agreement has been signed with Ford covering the use of the land in Dagenham for the construction and operation of ELSEF.  


This follows an announcement at the Company's Annual General Meeting on 14 May 2008 confirming Heads of Terms for a 15-year fuel supply agreement with Shanks Waste Management Limited ('Shanks') for circa 90,000 tonnes p.a. of Solid Recovered Fuel.  


Novera expects to reach financial close on ELSEF late 2008 or early 2009, with the exact timetable influenced by the enactment of the legislation to revise the Renewables Obligation, as set out in the Energy White Paper.  


David Fitzsimmons, Chief Executive Officer of Novera, said: "The progress made on ELSEF marks an important milestone in Novera's overall Energy from Waste business. The Company is already engaged in a number of follow-up projects."




Enquiries


Novera Energy plc

David Fitzsimmons (CEO) / Rory Quinlan (CFO)

Tel: 44 (0) 207 845 9720


Gavin Anderson & Company (Public Relations)

Ken Cronin / Kate Hill / Michael Turner

Tel: +44 (0) 20 7554 1400


Oriel Securities Limited (Nominated Adviser and broker to Novera Energy plc)

Richard Crawley / Michael Shaw

Tel: +44 (0) 20 7710 7600



Notes to Editors:


Novera is a leading independent UK renewable energy company, with a portfolio of landfill gas, hydro, waste and wind assets and projects.  The Company has 122MW of power generation capacity at 58 sites.  Novera employs over 150 members of staff.



Asset

Detail

Capacity

Landfill Gas

46 sites

87MW

Hydro

10 sites

16MW

Industrial

1 site

4MW

Wind (operational)     

Mynydd Clogau

15MW

Sub-total (operational)

122MW

Wind (in construction)

Lissett Airfield

30MW

Wind (consented)

A'Chruach

40-46MW

Wind (in planning)     

Mountboy

6MW

Wind (in planning)         

Fleeter Wood

10MW

Wind (in planning)         

Glenkerie

22-27MW

Wind (in planning)

Mynydd Clogau 2

16MW



For more details, visit www.noveraenergy.com




This information is provided by RNS
The company news service from the London Stock Exchange
 
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