KPR KP Renewables

RNS Number:7313Z
KP Renewables PLC
14 March 2006


Press Release                                                     14 March 2006


   
                 Confirmation of Grant for Wave Energy Project


KP Renewables plc, the AIM-quoted UK aggregator, investor, and developer of
independent green energy projects, announces today that the Wave Power Station
Project, previously announced on 14 December 2005, has received the formal award
letter for the #5m "Objective 1" grant from the Welsh European Funding Office.


The project is to be developed in conjunction with Wave Dragon Limited, a wave
energy technology company. It involves the two stage development, financing,
construction and operation of up to 77MW of wave energy projects in Wales. The
grant will be applied to the first stage of development, comprising the
deployment of a 7MW Wave Dragon unit off the coast of West Wales, near Milford
Haven. The unit is projected to provide sufficient electricity to power up to
6,000 homes.



                                    - ENDS -


For further information please contact:


KP Renewables plc
Dr  James Watkins, CEO                          Tel: +44 20 8231 8820
drjwatkins@kprenewables.com

Robert Smyth, Finance Director
rsmyth@kprenewables.com                         www.kprenewables.com


Media enquiries:


Abchurch
Gareth Mead / Martin Sutton                     Tel: +44 (0) 207 398 7700

gareth.mead@abchurch-group.com                  www.abchurch-group.com




Notes to Editors


KP Renewables plc

KP Renewables plc was established to be the leading independent renewable energy
company in the UK. The Company has already agreed framework Power Purchase
Agreements ("PPA"s) to sell long term renewable energy on pre-agreed terms to a
number of UK electricity retailers.  This energy will be based on a mix of
biomass and "Carbon Recycling" projects along with wind and wave projects that
qualify for Renewable Obligation Certificates ("ROC"s).


Electricity retailers have an obligation to source an increasing percentage of
their supplies from renewable energy (10.4% by 2010).  Failure to meet these
targets will result in ROC buy-out penalties.  The framework agreements are
designed to help these companies reach their renewable energy obligations.


The Company believes that the PPAs and the Company's project financing
capabilities will particularly help small to mid-sized renewable energy
developers whose output can be aggregated.


The Company was listed on the AIM market of the London Stock Exchange in July
2005 under the symbol KPR and is also quoted on the Frankfurt, Munich and Berlin
Stock Exchanges under the symbol K1P.  It has recently signed an agreement with
Marathon Capital Partners LLC of Chicago to facilitate further financing for
investment in renewable projects.


Wave Dragon Ltd

Erik Friis-Madsen designed the patented Wave Dragon device in 1994. Wave Dragon
is a world leader in wave energy technology, harnessing extensive industrial
expertise and cutting-edge scientific knowledge. Wave Dragon Limited is the new
holding company set up to handle the UK roll-out of the technology developed by
Wave Dragon ApS. Wave Dragon Wales Limited is the Special Purpose Vehicle
incorporated to operate this project and is the body that submitted the funding
application to WEFO.


Through a strong management team, led by Hans Christian Sorensen, the Company
has successfully evolved Wave Dragon into a world leading renewables technology.
Since 1997 more than 14 academic and industrial partners from 6 European
countries have collaborated in the research and development of Wave Dragon.
Total investments to date stand at around #7m.


A Wave Dragon unit is an offshore floating device that works by channelling
waves into a reservoir which is above sea level. The water is then released
through a number of turbines and generates electricity in the same way as hydro
power plants. The technology has been developed and tested over the past eight
years in tanks in Denmark and Ireland. The Danish prototype is believed to be
the first offshore device in the world to deliver power to a national
electricity grid.








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