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United Kingdom

Novera sells shares to fund wind growth

British renewable energy company Novera Energy is hoping to raise £15 million to fund its wind development program in Scotland, England and Wales. The company, which is traded on the Alternative Investment Market of the London Stock Exchange, is placing 19,485,083 new ordinary shares with institutional and other investors and the company's directors. The net proceeds of the placing, some £14.4 million, will be used to fund future wind projects, including the submission of additional wind farm sites into the site permitting system, the provision of reservation fees to secure wind turbines and the provision of working capital. Novera has one operational 15 MW wind farm, 70 MW under construction or consented and up to 59 MW in the site permit queue. In addition, it has 107 MW of other operating renewable assets -- mostly landfill gas and hydro. CEO David Fitzsimmons says he expects to submit a further 200 MW of wind capacity for site consent over the next year.

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