Novera Energy joins UK wind energy venture

Novera Energy Ltd has formed a joint venture with Scottish firm Renewable Energy Development Group Ltd (RED) to co-develop wind energy sites in Scotland and northern England. Novera chairman Don Stammer said most of the sites have already secured binding land option agreements, making them a valuable development portfolio for the company. He said the joint venture’s initial development portfolio has the potential to deliver more than 200MW of new wind power capacity over the next three to four years. At the successful completion of each project, the site may 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. Securing the sites enhances Novera’s growing project development portfolio, creating a sizeable number of wind projects in the pipeline in the UK. Shares in the renewable energy company jumped US$ 3.5 cents or 12.5% to US$ 31.5 cents.