[ exact phrase in "" ]

[ Google-powered ]


News Home

Subscribe to RSS feed

Add NWW headlines to your site (click here)

Sign up for daily updates

Keep Wind Watch online and independent!

Selected Documents

All Documents

Research Links


Press Releases


Publications & Products

Photos & Graphics


Allied Groups

Developer of rejected Welsh wind farm starts liquidation proceedings  

Credit:  By Plamena Tisheva | Apr 1, 2016 | seenews.com ~~

Renewable Energy Holdings Plc (LON:REH) on Thursday said it has filed a winding up claim with the High Court of Justice of the Isle of Man to commence liquidation proceedings.

The Isle of Man-registered firm is the developer of the up-to-89.1-MW Mynydd y Gwynt wind project in mid Wales, which was refused planning permission in November 2015, in line with the UK government’s policy to end subsidies for onshore wind. The company already signalled in December it was likely to initiate insolvency proceedings during the first quarter of 2016.

The liquidation decision comes after the board has concluded the firm has no prospect of repaying its outstanding debts of GBP 10 million (USD 14.3m/EUR 12.6m), including accrued interest. The loans were borrowed from UIL Limited, formerly Utilico Investments Ltd.

A GBP-4.25-million facility was agreed in 2013 for the purpose of allowing REH to progress the planning application for the Mynydd y Gwynt wind farm. There is an oral hearing for permission to apply for judicial review of the wind farm’s refusal scheduled for June 2016 but the company said that even if its efforts in that respect were successful, there was no likelihood of a new grid sub-station being constructed in mid Wales within the life of any permit.

REH said its remaining assets were currently valued at considerably less than its outstanding debts. The company has a stake in Carnegie Wave Energy Ltd, which was worth GBP 2.2 million at Thursday’s close.

(GBP 1.0 = USD 1.434/EUR 1.260)

Source:  By Plamena Tisheva | Apr 1, 2016 | seenews.com

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

Wind Watch relies entirely
on User contributions


« Later PostNews Watch HomeEarlier Post »

Get the Facts Follow Wind Watch on Twitter

Wind Watch on Facebook


© National Wind Watch, Inc.
Use of copyrighted material adheres to Fair Use.
"Wind Watch" is a registered trademark.
Formerly at windwatch.org.

Follow Wind Watch on Twitter

Wind Watch on Facebook