Novera Energy joins UK wind venture
March 10, 2005 - 7:09PM
Novera Energy Ltd has formed a joint venture with Scottish firm Renewable Energy Development Group Ltd (RED) to co-develop wind energy sites in Scotland and northern England.
Novera chairman Don Stammer said most of the sites have already secured binding land option agreements, making them a valuable development portfolio for the company.
He said the joint venture's initial development portfolio has the potential to deliver more than 200 megawatts (MW) of new wind power capacity over the next three to four years.
"The initial portfolio is comprised of nine sites offering potential for small and medium scale wind projects of up to 40MW each," Dr Stammer said.
"At the successful completion of each project, the site may be offered for sale to Novera Macquarie Renewable Energy (NMRE), the 50:50 joint venture established by Novera Energy and Macquarie Bank in December 2004.
"Securing the sites enhances Novera's growing project development portfolio, creating a sizeable pipeline of wind projects in the UK."
Shares in the renewable energy company jumped 3.5 cents or 12.5 per cent to 31.5 cents on Thursday.
Novera also has interests in landfill gas power generators and biomass energy in Britain.
Dr Stammer said the deal with RED enhances Novera's wind development capabilities and growth potential following the recent successful completion of the 14.5 MW Mynydd Clogau wind farm in Wales.
"Novera completed development of that project jointly with Renewable Energy Systems and sold the project to NMRE in December 2004, with construction commencing on 10 January 2005," he said.
"Mynydd Clogau is expected be commissioned in April 2006."
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