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Renewable Energy Holdings agrees its first two renewables investments
1 July 2005
Renewable Energy Holdings (REH), listed on the Alternative Investment Market of the London Stock Exchange, has agreed its first two renewable energy investments: 42 MW of wind plant at three sites in Germany and a 2 MW landfill gas project in Wales. The company, based on the Isle of Man, was floated in February after an initial £10 million fundraising. REH used some of the funds to acquire Seapower Pacific Limited -- an Australian joint venture between Pacific Hydro and Carnegie. The deal includes Seapower's technology: a wave energy extraction device called CETO. Most of the funds left after the acquisition were to be invested in proven renewable energy technology and operations. Jannie Retief of REH says the company is considering investment in three wind projects (43 MW) in Ireland. He says a further fund raising is likely in September. "We wanted to do these two projects first -- and the projects in Ireland -- so that we have meat on our bones. There are quite a lot of other projects we are interested in and we need more money to invest." The REH board includes major former players in the conventional energy sector. Its chairman is John Baker, previously chief executive of National Power (now RWE Innogy), and Mike Proffitt, formerly chief executive of the Manx Electricity Authority.
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