Renewable Energy Generation Limited – Interim Results

Interim Results for the six months to 31 December 2008

Renewable Energy Generation Limited (RWE), the international renewable energy group, today announces its interim results for the six months ended 31 December 2008.

Financial Highlights

• Group revenue of £4.7 million (H1 2008: £1.2 million)

• Group trading loss of £2.1 million (H1 2008: £2.5 million)

• Capital expenditure of £28.0 million (H1 2008: £30.0 million)

• Proposal to pay dividend of 0.5p per Ordinary Share (H1 2008: 1p)

• Proposed resolution to shareholders to allow repurchase of up to 25% of Company’s issued share capital

 
Operational Highlights

• 11 operating wind farms totaling 61MW

• Bentwaters vegetable oil plant generated 3,000MWh

• £20 million group general revolving credit facility agreed with HBOS

• Two new 1.8MW projects at Whittlesey and Ramsay in the UK now operational

• Planning permission gained for Goonhilly repower and construction of a new wind farm at Loscar in Yorkshire

• 300MW pipeline of UK development projects

• 40MW Canadian SOP* wind projects on line

• In the final zoning and permitting stage of three 9.9MW Harrow Projects in Canada

• Accelerated development of larger projects in Canada to exploit favourable new “feed-in” tariffs

*Standard Offer Programme

Andrew Whalley, Chief Executive Officer of REG, commented:
“Since the end of 2008, the operating environment for all three of our businesses has improved significantly.  We have a robust pipeline of good wind projects, are optimistic about the benefits that the Canadian Green Energy Act will bring to our smaller project proposition and certain to see strong potential from our vegetable oil plant. We believe we are well placed to deliver several new renewable energy projects over the next twelve months.”