News

April 15, 2009

Novera Energy Focuses On Onshore Wind As Landfill Gas Plateaus

By Rue Swabey

Aim-listed Novera Energy, which has a portfolio of land fill gas (LFG), wind power and waste-to-energy assets, is turning its primary focus to wind power. Chief executive David Fitzsimmons believes that in the current financial environment onshore wind has the best chance of securing financing. Offshore wind projects, which require twice as much capital as onshore wind, are being shelved, freeing up funds for onshore wind. Novera’s management has a strong track record in onshore wind with a 100 per cent success rate in securing planning consent.

In February Novera’s 30MW Lissett Airfield wind farm in Yorkshire started production. It is the company’s largest wind farm to date. It took just two and a half years from the time planning consent was given to become operational and was completed within its £38.5 million budget. Analysts expect Lissett to generate £6 million in revenue this year.

Novera now has two operational wind farms generating 45MW and a further 62MW consented. It has a healthy development pipeline with seven sites in...