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Novera Energy PLC (NVE)

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Thursday 12 February, 2009

Novera Energy PLC

First Production from Lissett

RNS Number : 1930N
Novera Energy PLC
12 February 2009
 




 


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


First Production and Sales from Lissett Airfield Wind Farm



Novera is pleased to announce that its 30MW Lissett Airfield Wind Farm, located in the East Riding of Yorkshire, has started production and sales.  


The first turbine came into operation yesterday, with electricity exported through the grid for sale to Scottish and Southern Energy (SSE). The remaining turbines are due to be brought into production over the next few weeks. When fully operational, Lissett is expected to produce approximately 74.5GWh (P50) per annum.  


The project, which is Novera's largest single development to date, is on track to be delivered within the budget of £38.5m. This has been funded with a £29.5m non-recourse project finance facility from Fortis Bank with the Company having already funded its equity contribution.  


A long term Power Purchase Agreement was agreed with SSE in November 2007. Under this arrangement SSE will take all of the electricity and green benefits (Renewables Obligation Certificates and Levy Exemption Certificates) generated by the wind farm at market-related prices.  

David Fitzsimmons, CEO of Novera, said: "We are delighted with this exceptional achievement of first production and sales from Lissett just over two and a half years after our initial planning application was submitted.  This is a significant milestone for the business and a testament of our ability to deliver through our experience and capabilities in development, financing, construction and operations."  





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 148MW of renewable power generation capacity at 58 sites. Novera employs over 160 members of staff.


Asset

Detail

Capacity

Landfill Gas

46 sites

87MW

Hydro

10 sites

16MW

Wind (operational)     

2 sites

45MW

Sub-total (operational)

148MW




Wind (consented)

A'Chruach

40-46MW

Wind (consented)         

Glenkerie

22-27MW




Wind (in planning)     

Mountboy

6MW

Wind (in planning)

Mynydd Clogau 2

16MW

Wind (in planning)

Sillfield*

6MW

Wind (in planning)

Wingates

10-12MW

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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