Project Development, Wind Power

Wales Wind Power Project Development Acquired

[] Novera Energy Limited announced the completion of the sale of the Mynydd Clogau wind farm project in Wales, United Kingdom, formerly owned by Novera and Renewable Energy Systems (RES), to the Novera Macquarie Renewable Energy Limited (NMRE) joint venture, in which Novera Energy retains a 50 percent interest. The sale of the 14.5 MW Mynydd Clogau project marks an important milestone for Novera Energy as a green field wind power developer in Europe, with construction of the project now underway. Novera Energy and RES achieved planning consent for Mynydd Clogau in May 2002. Novera Energy successfully completed development, negotiating the turn-key construction contract and completing debt arrangements for the project. Construction by RES began on 10 January 2005 and commissioning of the site is expected around April 2006. NMRE has acquired full ownership of the Mynydd Clogau project and will construct, own and operate the wind farm under a fixed price, turn-key contract with RES. The project will use seventeen 850 kW Vestas turbines and has a total enterprise value of approximately AUD $39 million.