Renewable Energy Generation Limited – Interim Results

Renewable Energy Generation Limited – Interim Results

On track to invest £100M in renewable energy schemes by end of 2012
 
Renewable Energy Generation Limited (AIM: WIND), the renewable energy group, today announces its interim results for the six months ended 31 December 2010.
 
Financial highlights

  • Group revenues of £4.3m (H1 2010: £3.5m)
  • Group EBITDA loss before exceptional items of £0.6m (H1 2010: profit of £0.4m)
  • Loss before tax from continuing operations of £1.9m (H1 2010: loss of £0.3m)
  • Abnormally low wind speeds across the UK resulting in over £1m of lost EBITDA
  • Total cash resources of £7.6m
  • Proposed interim dividend of 0.5p per ordinary share

 
Operational highlights

  • Group generating capacity increased to 42.5MW (31 December 2009: 22.5MW)
  • Goonhilly Wind Farm repowered from 5.6MW to 12MW to treble previous output
  • 4.5MW Loscar Wind Farm commissioned
  • Planning consent granted for Sancton Hill (10MW), Orchard End (4.0MW) and French Farm (4MW)

 
Post period end

  • Rejection of approach in January at 67.7p per share
  • 4MW High Haswell wind farm energised, increasing Group capacity to 46.5MW
  • REG Biopower enters 2 year 8MW STOR contract with National Grid
  • Power Purchase Agreements covering all 41.15MW of wind projects, fixed for 1 to 3 years, now completed

 
Andrew Whalley, REG Chief Executive Officer said:
“The first half of the year has been a period of considerable continued progress, resulting in a near doubling of our operating capacity from the comparable period."
 
“Since the period end, we have successfully concluded a wind power purchase agreement, a significant milestone towards the refinancing of REG's existing operating wind farms and we remain firmly on track to deliver our goal of investing £100m by the end of 2012."
 
“Supported by a sound balance sheet, we are well positioned with the internal infrastructure and skill sets in place to deliver enhanced shareholder value by continuing to successfully marshal projects through our enlarged development pipeline.”

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