News

July 30, 2007

Novera Energy Is Seeking To Meet Ambitious Wind Power Targets

Following the purchase of Macquarie Bank’s stake of its 50/50 renewable energy joint venture in January of this year, Novera is now one of the UK’s largest independent power producers. It operates 58 sites across the UK with 124MW of generating capacity. The bread-and-butter of Novera’s portfolio is land fill gas (LFG) which generates 89MW, but its wind power business is growing and it is developing a promising waste conversion technology.

In the second half of 2006 management focus was very much on the corporate restructuring. Novera’s chief executive, David Fitzsimmons, admits that far too much time was taken up by the restructuring but stresses that it needed to be done. In order to fund the £30million purchase of Macquarie’s Bank half in the joint venture, Novera tapped AIM for £38million at 55p a share in December. This fund raising has  also increased transparency and its enhanced sector presence will benefit both...