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Australia

Australia

New player in green energy

The Mynydd Clogau wind project is among the green energy assets acquired by newcomer in Britain Novera Macquarie Renewable Energy Limited (NMRE). The company was established in a 50-50 joint venture by Australian owned renewable generator Novera Energy and Macquarie Bank, also of Australia. Novera and Macquarie have each provided an equity investment in NMRE of £16.3 million. The purpose of the new company is to acquire and operate renewables assets in the UK.

NMRE begins operation with a diversified renewables portfolio purchased from Novera Energy and United Utilities. Novera Energy Europe Limited (NEEL) was bought by NMRE for £25.3 million, and comprised all Novera's UK landfill gas plants as well as a 50% share in the 17 MW Mynydd Clogau project in Wales, which is soon to begin construction, subject to "minor conditions precedent," according to Novera. It has been in negotiations with co-owner of Mynydd Clogau, Renewable Energy Systems (RES), to acquire 100% of the project. RES says that nothing has yet been signed.

NMRE has also bought United Utilities Green Energy (UUGE) with its landfill gas and hydro sites for £63 million. The purchase does not include United Utilities' wind development interests-the consented Scarweather Sands offshore project, a larger, round two, offshore site in the North Sea, and a number of smaller onshore wind projects. The company's Evelyn Brodie says UUGE has received a "great deal of interest" from potential buyers of its wind portfolio and is still in negotiations.

Barclays Bank has provided NMRE with £92.5 million in debt facilities, allowing the purchase of NEEL and UUGE shares and to finance construction of Mynydd Clogau. NMRE has signed a long term power purchase agreement with energy retailer Centrica.

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