Update on the situation in Greentech Energy Systems A/S


Herlev, 11 March 2009

Company announcement No. 6/2009

Update on the situation in Greentech Energy Systems A/S


This announcement contains an update on the Company's present situation.

Monte Grighine:

As described in Company announcement No. 4/2009 dated 5 February 2009, this
project is delayed primarily due to extreme weather conditions in Sardinia. As
of today the expected delay is of 4 months and therefore construction
completion and connection to the grid is now scheduled for October 2009. 

This delay affects Greentech's project finance process, as the project
documentation and financial model for potential syndication participants have
to be updated to reflect the impact that the delay will have on the project.
Considering the consequences of the delay, the Company does not expect the
project financing to be available before the end of May 2009. 

In spite of the difficult conditions that currently prevail on the
international financial markets, the Company will continue to actively pursue
the syndication process. 

As a result of the delay in the project financing for this very important
project, the Company is actively seeking alternative financing means in order
to continue the construction of the project and to keep the Company's
activities running. 

The Company is currently working on several possible solutions for this
alternative financing. 

The Company is in advanced discussions with regards to a financing solution
which if and when completed will cover the Company´s short-term cash
requirements. Such solution should allow the Company to continue its operations
at least until end of May 2009. The Company will update the market on this
short term financing solution as soon as discussions have been completed. 

It should be noted that Greentech has not yet obtained a final commitment for
the above-mentioned solution. 

In cooperation with the Company's international financial adviser, the Company
is also seeking a medium term financing solution, which based on the currently
expected cash requirement should allow for the completion of the Monte Grighine
project as well as keeping the Company`s activities running in the medium term. 

It should be emphasised that the Management's overall objective is to establish
the usual form of project finance for the project as soon as possible as, other
things being equal, that is the ideal financing model. The Management also
believes that it would be feasible to establish such project financing, since
the Company has already invested approx. EUR 120.0 million of its own funds out
of the total construction costs of about EUR 160.0 million. 

Minerva Messina:

As described in Company announcement No. 4/2009 dated 5 February 2009, this
project has also suffered a delay. 

In 2008, a project finance for this project was established, and so far this
financing has financed a large part of the project capital expenditures.
Obviously, this project finance was designed according to the timetables
applicable at the time in 2008. 

As a result of the above-mentioned delay, however, the project finance among
other things, needs to be adjusted to the new timetable and costs.
Consequently, the financial model for the project finance must be updated to
reflect the delay and the change in the costs schedule. It may have an impact
on the loan repayment profile. 

The project finance for this project was established by a syndicate of five
banks, all of which will need to approve such changes. Until these approvals
have been received, which is expected to take 3-4 weeks, no additional amounts
can be drawn on this facility. 

This temporary interruption of the project finance is not expected to affect
the progress at the construction site, as Greentech will make any payments that
fall due during the above mentioned period. 

Financial forecasts for 2008:

As described in Company announcement No. 27/2008 dated 28 November 2008, the
Company forecasted a loss before tax for 2008 in the region of TDKK
10,000-12,000. 

Due to significantly poorer wind conditions in Northern Europe in the fourth
quarter of 2008 than those included in Greentech's budget and a major
depreciation of the Polish currency, the Company expects a pre-tax loss for
2008 of TDKK 15,000-20,000. 

More details will be provided in the Company's annual report due to be released
on 27 March 2009. 


Board of Directors

For further information, please contact:
Kaj Larsen, CEO, tel.: +45   33 36 42 02
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