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Completion of Landfill Gas Asset Disposal

26 February 2010

Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor and operator of European wind power, is pleased to announce that it has completed the disposal of the Company’s 1MW landfill gas asset, Bryn Posteg, located in Mid Wales (“Bryn Posteg”), to Potters GCL Limited (“Potters”), a company related to Sundorne, the acquirer named in the announcement of 22 January 2010, and which are both 100 per cent. owned by Mr. James Potter.

 

As announced on 22 January 2010, the aggregate consideration due to REH of up to £2.75 million is payable in cash and structured as follows:

 

·         £2.0 million was paid upon completion; and

 

·         an additional amount up to £750,000, calculable on a sliding scale, in the event that Potters increases the capacity of the current grid connection up to a maximum of 2MW, on or before 31 January 2012. Should no additional capacity be added to the grid connection, a payment of £250,000 will be due from Potters to the Company on 31 January 2012.

 

The Disposal of this non-core asset is consistent with the Company’s current focus of investing in, developing and operating European wind assets.  The proceeds of the Disposal are intended to be used for general working capital purposes.

 

- Ends -

 

For further information, please contact:

 

Renewable Energy Holdings plc Mike Proffitt, Chief Executive	Tel: +44 (0)16 2464 1199
Strand Hanson Limited Rory Murphy / James Spinney	Tel: +44 (0)20 7409 3494
Novus Capital Markets Ltd Charles Goodfellow / Paul Dudley	Tel: +44 (0)20 7107 1872
Financial Dynamics Billy Clegg / Ed Westropp / Alex Beagley	Tel: +44(0)20 7831 3113