Australia RE Firm Taps Scottish Wind Potential

Australia-based International renewable energy company Novera Energy announced its second wind energy move in the UK with the completion of its joint development venture with the Renewable Energy Development (RED) Group Limited of Edinburgh, Scotland, to co-develop wind energy sites in Scotland and northern England. The venture could lead to the development of more than 200 MW of new wind energy capacity.

Most of the sites have already secured binding land option agreements, making them a valuable development portfolio for the company. The RED announcement follows Novera’s successful closing of the sale of the 14.5 MW Mynydd Clogau wind energy project in Wales announced on 28 February, 2005. This was Novera’s first wind energy project and was sold to Novera Macquarie Renewable Energy joint venture in which Novera Energy holds a 50 percent ownership interest. Novera Energy Managing Director, David Scaysbrook, said the initial development portfolio for the joint development venture with RED had the potential to deliver more than 200MW of new wind energy capacity over the next three to four years, which would make a meaningful contribution to the UK Government’s targets for more renewable energy production. “The portfolio currently comprises nine sites offering potential for small and medium scale wind projects of up to 40 MW each, which fits perfectly with Novera’s aim of developing and acquiring smaller wind sites in Europe,” Scaysbrook said. Securing the sites enhances Novera’s growing project development portfolio, creating a sizeable pipeline of wind energy projects in the UK. At the successful completion of each project, the investment opportunity is intended to 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. “The deal with RED demonstrates further Novera’s development capabilities and growth potential, following the successful completion of our 14.5 MW Mynydd Clogau wind project,” Scaysbrook said. Novera undertook development of the Mynydd Clogau project jointly with Renewable Energy Systems and sold the project to NMRE in December 2004, with construction commencing on 10 January 2005. Mynydd Clogau is expected be commissioned in April 2006.
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