REH acquires 30-megawatt Polish wind farm project

Renewable Energy Holdings (REH) plc has acquired the Polish development company Gamar GL for €2 million.

Gamar is fully permitted to build a 30-megawatt wind project in Kobylany in southeast Poland.

“We are pleased that our work with Gamar over the past three years has resulted in the acquisition of the Kobylany wind farm project,” said Mike Proffitt, CEO of REH. “We believe it has the potential to become a highly cash generative wind power asset, due to the favourable wind regime in its mountainous location.”

Proffitt added, “We will now work to complete arrangements to facilitate construction and commissioning of the project and expect to reach financial close on the project in Q4 2009 and optimise REH shareholder value by either building and commissioning the project or by selling it.”