RNS Number : 7925A
  EuroTrust A/S
  07 August 2008
   


    7 August 2008

    EuroTrust A/S
    ("EuroTrust" or the "Company")


    *     400 MW Polish development agreement with Agrowind
    *     Wind development portfolio doubled to 645 MW
    *     Higher quality pipeline following portfolio review 
    *     Further reduction in outstanding property guarantees
    *     Preparation for autumn funding plans


    Agrowind development agreement

    EuroTrust, the European wind power producer, has entered into an agreement with Agrowind A/S
    ("Agrowind"), a Danish windfarm developer, for the development of 400 MW of wind farm projects in Poland.  

    The agreement is the first major development since the Company disposed of its property development division at the end of June to focus
on its wind energy business. 

    Agrowind's projects are in various stages of development, with planning permits expected for 100 MW during summer 2009 and 50 MW during
winter 2009/2010, with the remaining 250MW expected to receive required approvals thereafter.  Agrowind will be responsible for all
pre-construction activities including acquiring all necessary permits and arranging grid access.  EuroTrust will take ownership of the
projects when they are ready for construction and thereafter will be responsible for completing the projects.  EuroTrust plans that the
first 100MW of capacity will start operation as soon as autumn 2010.


    Portfolio review

    The Company currently has 129 MW of capacity in operation in Germany, Italy and Spain as well as 57 MW under construction in Poland and
Germany.

    Having recently completed a review of its development pipeline, EuroTrust has also decided not to proceed with the development of
certain projects in Greece, Poland, Bulgaria and Germany as the Company did not believe that they were likely to achieve its required
technical or financial performance levels.  

    As a result, and following the Agrowind agreement, EuroTrust is now developing 645 MW of capacity in Italy and Poland.  


    Property development disposal

    Further to the announcements made on 24 June and 1 July 2008 regarding the disposal of its property development activities, EuroTrust
has further reduced the outstanding guarantees relating to debt attached to  the divested activities.  The remaining guarantees have been
reduced by DKK 20m (EUR2.7m) to a total of approximately DKK 123m (EUR16.5m).  This is a substantial reduction from the original level of
DKK 276m (EUR37m).  The Directors will continue to work to further reduce this level.
      Capital raising

    As previously announced, EuroTrust requires further capital to fund both the development of its wind energy portfolio and its working
capital requirements, and it therefore intends to seek additional equity funding in the autumn. The Directors and management and their
advisers are actively preparing for a fundraising to support the newly focused and profitable wind energy business.  Further announcements
will be made in due course. 

    Robert Skj CEO of EuroTrust commented: 

    "Our agreement with Agrowind further strengthens our position in the Polish market, where we now have 51 MW under construction and a
development pipeline of 400MW.  We are delighted with the deal, which reflects the renewed and vigorous focus on the opportunities in
European wind generation that the company is now able to exploit. It offers real synergies in supply, construction, financing, power sales
and operation."

    "Following the portfolio review, we have now strengthened the quality of our development pipeline and, with the Agrowind deal, increased
its size from 335 MW to 645 MW. We are now well positioned to focus all our management efforts on delivering the portfolio's value, further
increasing its scale and creating a substantial and fast growing player in the European wind energy sector."   

    ENDS    


    For further information, please contact:

 Eurotrust A/S
 Robert Skj                                                                   
      Tel: +45 7696 6090
 Chief Executive Officer


  
 Kaupthing Singer & Friedlander
 Capital Markets Limited        
 Jos Trusted      Tel: +44 (0)20 3205 5000
 Richard Savage

 West Hill Corporate                                                          
                    Tel: +44 (0) 20 7464 8822
 Finance Limited
 Alan Richards
 John Terrando

 Cubitt Consulting 
 Simon Brocklebank-Fowler                                                     
   Tel: +44 (0) 207 367 5100
 Michael Henman


    Notes to editors

    EuroTrust A/S (AIM:EURO) is a leading Danish wind power producer listed on the AIM market of London Stock Exchange. EuroTrust has 186 MW
of wind power generation in operation or under construction in Germany, Italy, Spain and Poland. 


This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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