01/12/2008
Renewable Energy Holdings (REH) has entered a €2.1 million (£1.75 million) agreement to develop a wind farm site at Kobylany in Poland.
The Isle of Man-based company, which backs and operates ‘proven and innovative renewable energy technologies’, has paid an initial €100,000 to Polish concern Gamar GHL for an option to develop the site in south-east Poland, which REH says could provide up to 30 megawatts of generating capacity. AIM-quoted Renewable will pay the remaining €2 million to Gamar once the Polish company has obtained all the required planning, construction and operating permits.
REH chief executive Mike Proffitt argues that this agreement, along with the company’s recently announced 70-megawatt Welsh project, ‘consolidates our plan to have 150 megawatts of wind power within five years of our entry onto AIM’, in 2005.
Shares in REH, which turned a £1.2 million loss into a £1.1 million interim profit, fell from 63p in 2006 to 26.5p in October and have reached 39p, valuing the company at £25.6 million.
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