25 May 2012

Renewable Energy into the black

03/09/2008 Robert Tyerman

Fast growth has helped Renewable Energy Holdings turn 2007’s £1.2 million interim loss into a £1.1million first-half pre-tax profit.

The Isle of Man-based company, which backs and operates renewable energy projects and licenses its proprietary CETO wave energy technology, lifted turnover 155 per cent in the six months to June to £4.6 million – £50,000 more than its turnover for the whole of 2007.  Renewable Energy, which ended June with £9.7 million cash, increased its project finance facility with Standard Chartered Bank by €48 million to €183 million (£149 million) to expand its wind farm portfolio.

This added firepower will help the company expand its assets in Germany to 45 megawatts, carry out its 30-megawatt project in Poland and maintain progress with a 69-megawatt venture in Wales. The company says it has helped move CETO to commercialisation, as it undergoes trials in Western Australia, with a £4.75 million licence agreement for the southern hemisphere with Aussie-quoted clean technology group Carnegie Corporation.

Chief executive Mike Proffitt declares, ‘There is growing interest in renewable energy technologies and we are well positioned to take advantage of the increased opportunities.’ Renewable Energy shares, which halved to 33p in 2006, now trade at 50p, at which level they value the company at £32.8 million and could repay a long-term punt.

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Sector: Electricity

Companies: Renewable Energy

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