Renewable Energy Generation Ltd STOR Contract with National Grid Extended (0611T)

TIDMWIND

RNS Number : 0611T

Renewable Energy Generation Ltd

15 July 2015

Renewable Energy Generation Limited / Ticker: WIND / Index: AIM

Renewable Energy Generation Limited ("the Company" or "REG")

STOR contract with National Grid Extended

Renewable Energy Generation Limited, the AIM-quoted UK focused multi-divisional renewables company, is pleased to announce it has successfully extended its contracts with National Grid to provide Short Term Operating Reserve ('STOR') through its existing 26MW bio-power plants in the UK.

STOR allows the UK's National Grid to source reserve power in specified periods to meet demand when greater than forecast, or shortfalls in generation such as during unexpected plant downtime. REG has extended its contract on 8MW of its bio-power plants for a further12 months until March 2017. The contract for its 18MW bio-power plant at Whitemoor has been extended by six months to October 2016, allowing for a more flexible contracting strategy across the 2016 winter period for this project.

REG Bio-Power's plants are fuelled by a patented, proprietary bioliquid derived from used cooking oil and so are eligible for support under the Renewables Obligation mechanism. In addition to the 26MW already operational, REG also has a further 68MW of bio-power capacity at various stages of development.

REG's CEO Andrew Whalley said: "Winning STOR contract extensions further demonstrates the suitability of REG Bio-Power's flexible plant to operate in this critically important market and in-turn provides revenue visibility for the REG Bio-Power division.

"As the UK's energy generation fleet ages and the requirement for STOR increases, we plan to build scale in this part of the business through delivering additional capacity in the coming 18 months. This is in line with our strategy to operate 300MW of renewable energy projects across our wind, solar and bio-power divisions by 2018."

**ENDS**

For further information please visit www.renewableenergygeneration.co.uk or contact the following:

 
 Andrew Whalley 
  Chief Executive     Renewable Energy Generation    [phone] 
  Officer              Ltd                            796 
 David Crockford      Renewable Energy Generation    [phone] 
  Finance Director     Ltd                            796 
 Ian Lawrence 
  Communications      Renewable Energy Generation    [phone] 
  Manager              Ltd                            796 
                                                     [phone] 
 Bobbie Hilliam       Cenkos (Broker)                 8900 
                      Smith & Williamson 
                       Corporate Finance Limited     [phone] 
 Martyn Fraser         (Nominated Adviser)            2213 
                      St Brides Partners             [phone] 
 Felicity Winkles      (Public Relations)             1177 
                      St Brides Partners             [phone] 
 Frank Buhagiar        (Public Relations)             1177 
 

Notes to editors

Renewable Energy Generation Ltd (REG) is an AIM listed UK focussed multi-divisional renewables company. The Company has four distinct divisions: wind, bio-power, solar and asset management which offer multiple revenue streams. REG currently operates 111MW of power in UK and it is the Company's strategy to grow its portfolio to 300MW across its four divisions in the next three years.

REG Windpower: Currently operates 11 wind projects in Cambridgeshire, Cornwall, County Durham, Yorkshire, Lancashire, Cumbria and Gwynedd, with a total capacity of 34.7MW. REG has a growing portfolio of wind sites ranging in size from single turbine sites to six turbine wind farms. It has recently signed an agreement with Gamesa Eólica, S.L, a leading global wind turbine manufacturer, to supply 19 wind turbines for five new wind farm sites which once in operation will see wholly owned wind power operations almost double to 72.7MW. Furthermore REG has approximately 200MW of wind projects in the planning system awaiting consent.

REG Bio-Power UK Ltd: Generates renewable energy through a patented bioliquid recovered from used cooking oil. REG operates 26MW in the UK to generate power and heat. Projects generate income from sale of power; ROCs and embedded benefits; and contracts with the National Grid STOR service.

REG Solar: Solar power generation in the UK, REG operates 4.5MW solar PV on behalf of BlackRock through its Asset Management division. REG has a further 61.6MW consented, in procurement or under construction.

REG Asset Management: Full spectrum construction and asset management of wind and solar projects on behalf of third parties in the UK. REG has 60.5MW of projects managed for BlackRock - 46MW (+10MW pipeline) wind and 4.5MW solar with management fees linked to % of revenue generated per project.

Furthermore REG works with best-in-class blue chip partners, including BlackRock, the world leading fund management group, Caterpillar, the world leading engineering group, and Veolia, the UK leader in environmental solutions, to deliver its diversified and profitable portfolio.

Headquartered in Jersey, REG was admitted to trading on AIM, a market operated by the London Stock Exchange, in May 2005 (AIM: WIND).

This information is provided by RNS

The company news service from the London Stock Exchange

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