Isle of Man -- (MARKET WIRE) -- May 10, 2007 --10 May 2007
Econergy International PLC
Final results for the year ending 31 December 2006
On track to exceed initial targets
Econergy International PLC ("Econergy International" or "the Company"), the
clean energy and carbon developer, today announces final results for the year
ending 31 December 2006.
Highlights:
* On track to significantly exceed original target of delivering 1
million megawatt hours in 2009 gross (678,000 net for Econergy
International's share). It is now anticipated that Econergy
International will deliver 1.4 million megawatt hours gross (820,000
net) in this timeframe
* New target established - to deliver 2.5 million megawatt hours gross
(1.3m net) by the end of 2010.
* Two Brazilian projects in construction, both due to enter commercial
operation during 2008; Areia Branca, a 100% owned hydroelectric project
expected to generate 97,000 megawatt hours annually and Beberibe, a
100% owned wind project expected to deliver 102,000 megawatt hours
annually.
* Six further projects in late stage development across Latin America
* 11 million tons Certified Emissions Reductions under management
* United States becoming an interesting clean energy market with
potential for both power generation opportunities and carbon market
developments
* The acquisition of 50% of the operating hydroelectric company,
Empresa Electrica Corani, S.A. in February 2007 brings immediate revenue
generation and reduces the risk profile
* Revenue for the period increased to $5.0 million (2005: $2.0 million)
* Cash balance of $103.9 million at 31 December 2006
* Loss after tax of $8.6 million (2005: $2.2 million)
Tom Stoner, Chief Executive Officer of Econergy International, said: "Our
investment in talented people to develop our pipeline has been successful. We
are significantly ahead of our power generation targets and have been able to
set ourselves new demanding but realistic goals. The demand for clean energy
continues to strengthen in Latin America and the United States is becoming an
interesting market for us and we look forward to continued success during 2007
and beyond."
Further information, please contact:
Econergy International PLC Tel: +1 (303) 473 9007
Tom Stoner
Haggie Financial Tel: +44 (0)20 7417 8989
Peter Rigby/ Alexandra Parry
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