Australian Renewables Company Seeks European Alliance

Renewable Energy Corp Ltd will work with the Biogrid division of the Australasian timber products company, Carter Holt Harvey Ltd, to develop bio-energy projects.

BRISBANE, Australia, AU, 2001-09-14 [SolarAccess.com] CHH’s Biogrid division specializes in the supply of biomass on a long-term basis to energy projects. REC will take an equity position in projects which will supply process heat and/or renewable electricity to customers on a contract basis. “A number of potential bio-energy projects have already been identified initially in New Zealand, some of which have been progressed to advanced stage,” say the companies. Under the joint venture, Biogrid will provide a guaranteed long term supply of biofuel and REC will provide the energy conversion capability to ensure the projects can be viable and attract financing. The companies say the technology from REC, combined with the services from Biogrid, mean that any company that uses heat can convert to a renewable energy source. Simultaneously, REC is making what it calls significant progress towards finding a strategic alliance partner in Europe, and says the most significant new alliances in the coming year will be on that continent and in Asia, with further strengthening in the U.S. and Australia. The European Union has mandated targets and introduced financial incentives for renewable energy projects, with investment required to achieve the targets amounting to US$140 billion over the next ten years. REC recently reported a net loss of US$1.6 million, compared with $17 million last year.
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