Renewable Energy Sells 11% of Carnegie Wave as Winds Itself Up

Renewable Energy Holdings Plc sold 11 percent of Carnegie Wave Energy Ltd., an Australian developer of technology to generate power from the sea, as the British company winds itself up after posting losses.

Renewable Energy sold the share for A$1.14 million ($1.1 million) to a group of Australian investors led by 88 Green Ventures, a Melbourne-based investment company, according to a statement from the developer, based in the Isle of Man.

Renewable Energy announced in April a plan to de-list and wind itself up after selling assets and distributing cash. It blamed weak financial markets hampering new developments and reported a 16 million-pound ($25 million) loss in 2011, including a 12.1 million-pound charge for a decline in Carnegie Wave’s shares, following a 6.2 million-pound loss in 2010.

Renewable Energy sold the Carnegie Wave share at 1 Australian cent a share, a discount of 2.5 Australian cents to the current market price. The proceeds will be used to meet the company’s working capital needs, according to Renewable Energy.

Renewable Energy still holds 10 percent of Carnegie Wave, backed by Electricite de France SA, and it will distribute the stake to shareholders before the end of the year, according to the statement.

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