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Novera Energy PLC (NVE)

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Wednesday 13 May, 2009

Novera Energy PLC

AGM Statement

RNS Number : 1315S
Novera Energy PLC
13 May 2009
 



13 May 2009


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


AGM Statement


At the Company's Annual General Meeting to be held today, Roy Franklin, Chairman, will makthe following statement:

The UK government recently confirmed its commitment to combating climate change and to the growth of the renewables industry.  This is welcomed by Novera, with its focus on UK renewable power generation, fuelled by landfill gas, hydro and increasingly by wind.

Trading during the first four months of the year was slightly below expectations. This reflects lower than forecast rain and wind speeds at our hydro and wind sites, operating issues at certain LFG sites, and the timing of the commissioning of the final Lissett turbines. The Board expects that the programmes that have been put into place will result in LFG performance recovering, while production from the wind and hydro assets for the rest of the year will depend primarily on weather conditions.

Novera continues to progress its wind farm developments.  Lissett was commissioned earlier this year, with the twelfth and final turbine starting production on 2 April 2009.  At Glenkerie, the Company continues to make good progress towards financial close and the start of construction.  At A'Chruachits other consented site, the Company remains in discussions with the Grid on timing.  Novera has seven further sites in planning and an extensive portfolio at an earlier stage of development.

The Company's cash balance at the end of April was £22.7 million (unaudited) of which £6.4 million was in restricted bank accounts, up from £20.4 million (£6.1 million restrictedat the end of 2008.  Total debt was £105.1 million, up from £90.9 million at the end of 2008.


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


Kreab Gavin Anderson (PR)

Ken Cronin / Kate Hill / Michael Turner / Andy Jones

Tel: +44 (0) 20 7554 1400



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