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Novera Energy PLC (NVE)

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Thursday 16 April, 2009

Novera Energy PLC

Sale of ELSEF

RNS Number : 6367Q
Novera Energy PLC
16 April 2009
 





16 April 2009



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


£1.25million Sale of East London Sustainable Energy Facility ('ELSEF')



Novera is pleased to announce the sale of its ELSEF project to Biossence for a total of £1.25 million which will be paid in stages up to financial close of the project. Novera's net third party costs to date on this project are approximately £300,000. 


David Fitzsimmons, Novera's CEO, commented: "Novera's growth strategy is currently focused on onshore wind. While we continue to view ELSEF as an exciting project, it will be best taken forward to completion by a company such as Biossence, which is focused on waste to energy developments."


Dr Ralf Trottnow, Director Biossence stated: "Biossence is delighted to acquire ELSEF and is committed to bringing it quickly to financial close. We see this as an important source of renewable energy in East London and integral part of our strategy to build, own and operate renewable energy plants in the UK based on advanced thermal conversion technology."




For further information:


Novera Energy plc

David Fitzsimmons, Chief Executive Officer

Tel: +44 (0) 20 7845 9720


Oriel Securities Limited (Nominated Adviser)

Michael Shaw

Tel: +44 (0) 20 7710 7600


Kreab Gavin Anderson & Company (PR)

Ken Cronin / Kate Hill / Michael Turner / Andy Jones

Tel: +44 (0) 20 7554 1400


Biossence Ltd

Dr Ralf Trottnow

Tel: +44 (0) 20 7025 8082



Notes to Editors


Novera Energy plc

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

Industrial

1 site

4MW

Sub-total (operational)

152MW

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)

Wingates

12-15MW

Wind (in planning)

Todd Hill

8-10MW

Wind (in planning)

Gordonstown Hill

10-12.5MW

Wind (in planning)

Bullamoor

10-12MW

Wind (in planning)

Sillfield*

6MW


* 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



Biossence Ltd

Biossence was established in 2006 to develop and deliver waste to energy projects producing renewable power. Biossence develops and operates large-scale integrated waste treatment and energy recovery facilities. The firm uses proven technology in fully integrated plants to divert waste away from landfill.

Biossence is dedicated to addressing the UK's waste management and energy supply challenges in an environmentally friendly and socially responsible manner. The company offers a long term, sustainable waste disposal solution that will reduce greenhouse gases. In addition, Biossence's projects will confront the UK's energy issues by providing renewable electricity from the biomass waste.

Biossence is owned by Network Economy AG, a Swiss-based investment company.





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