25 May 2012

Renewable Energy in £2.75m disposal

22/01/2010 Robert Tyerman

Wind power play Renewable Energy Holdings is selling its Welsh landfill gas asset for up to £2 million.

The Isle of Man-based company says it has agreed to sell its one-megawatt Bryn Posteg asset in mid-Wales to another Welsh concern, Sundorne Products. The price is £2 million down and either another £750,000 if and when Sundorne realises revenue more than the current one-megawatt electrical connection from gas from Bryn Posteg, or £250,000 if no such extra revenue materialises by the end of January 2012.

In 2008, Bryn Posteg made £122,000 pre-tax on £510,000 revenues. Its disposal fits with Renewable Energy’s policy of focusing on European wind farms and follows last year’s £30 million sale of the intellectual property of its CETO wind farm technology, in exchange for 35 per cent of Aussie-listed Carnegie Corporation.

Mike Proffitt, chief executive of AIM-quoted Renewable Energy, maintains ‘with operating assets in Germany and development assets in Poland and Wales, we have a strong pipeline for growth’.

At 22.75p, up 0.75p this morning, Renewable Energy shares have fallen from a 12-month high of 38p. They value the company at £15.7 million.

Tags: AIM, Deals & contracts, Growth Stocks, Restructuring

Sector: Alternative Energy

Companies: Renewable Energy

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