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Novera Energy PLC (NVE)

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Friday 09 January, 2009

Novera Energy PLC

Trading Statement

RNS Number : 3606L
Novera Energy PLC
09 January 2009
 



9 January 2009


NOVERA ENERGY PLC ('Novera' or 'the Company')

Trading Statement


The Board of Novera, one of the leading quoted UK renewable energy companies, is pleased to make the following trading update in advance of its preliminary results for the year ended 31 December 2008, which will be released by the Company on 23 February 2009.  


Novera expects to announce that revenue for the twelve months ended 31 December 2008 was £35.5 million (unaudited) compared to £34.4 million in 2007, an increase of 3 per cent., and that generation in 2008 was 554GWh compared to 564GWh in 2007, a decrease of 2 per cent.*.  Trading and operational performance have been broadly in line with the Company's expectations.


Construction of the Company's second wind farm, the twelve-turbine Lissett Airfield Wind Farm (30MW), is nearing completion and first production is expected within the next few weeks.  


During the year, Novera was granted planning consents for two further wind farms, taking the total consented wind capacity to 107-118MW, depending on turbine selection.  The consented sites are 40-46MW A'Chruach Wind Farm (Argyll and ButeScotland) and 22-27MW Glenkerie Wind Farm (Scottish Borders).  


In additionthe Company ended the year with eight sites in planning, with a total potential capacity of approximately 80MW, for which decisions are expected during 2009.  Novera has 13 sites in pre-planning with a total potential capacity of approximately 250MW and number of additional, less-advanced sites (appraisal stage) under evaluation with a total potential capacity in excess of 300MW.


At 31 December 2008 the Company's cash balance was £20.4 million (unaudited) of which £6.1 million was in restricted bank accounts. The Company has two non-recourse long term (14 and 15 years) finance facilities in place; one for existing operations of £83.3 million (unaudited), and one for the Lissett Airfield Wind Farm, which will be approximately £29.5 million on project completion. No refinancing obligation is attached to either facility.  


Commenting on the year, David Fitzsimmons, Chief Executive Officer, stated: "The planning consents granted for A'Chruach and Glenkerie along with the soon to be completed Lissett Airfield Wind Farm demonstrate the value we are creating through our wind development programme.  The growth in revenue from our existing operations reflects the increase in the price received for our production through our long-term contracts.  Novera is financially well-placed and we are confident in the availability of finance for future projects.  I am looking forward to the first production from Lissett and to further progress in the development of our wind portfolio." 



The 2007 results are on a pro-forma illustrative basis with the results of Novera and Novera Macquarie Renewable Energy fully consolidated from 1 January 2007, rather than from 22 January 2007, and exclude discontinued activities.



  For further information:


Novera Energy plc

David Fitzsimmons, Chief Executive Officer

Rory Quinlan, Chief Financial Officer

Tel: +44 (0) 20 7845 9720


Oriel Securities Limited (Nominated Adviser)

Michael Shaw

Tel: +44 (0) 20 7710 7600


Gavin Anderson & Company (PR)

Ken Cronin / Kate Hill / Michael Turner / Andy Jones

Tel: +44 (0) 20 7554 1400



Notes to Editors:


Novera is a leading independent UK renewable energy company, with a portfolio of landfill gas, hydro and wind assets and development projects.  The Company has 118MW of renewable power generation capacity at 57 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 (consented)         

Glenkerie

22-27MW




Wind (in planning)     

Mountboy

6MW

Wind (in planning)         

Fleeter Wood

10MW

Wind (in planning)

Mynydd Clogau 2

16MW

Wind (in planning)

Sillfield**

6MW

Wind (in planning)

Wingates

12-15MW

Wind (in planning)

Todd Hill

8-10MW

Wind (in planning)

Gordonstown Hill

10-12.5MW

Wind (in planning)

Bullamoor

10-12MW


** Owned by a joint venture between Novera and an independent developer. Novera will own 100 per cent. of the wind farm on consent.


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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