Novera Energy Chairman, Dr Don Stammer, announced last month the company sold its rights to Arpley to WRG for $11.5 million, which he said at the time was consistent with the current carrying value of the contracts.
The proceeds from the Arpley sale will support Novera’s 14.5 MW Mynydd Clogau wind farm project acquisition in Wales, which is planned to be commissioned in 2005.
When acquired in 2002, Novera Energy inherited commercial arrangements for Arpley which is said proved difficult to operate given the complexities of the site arrangement and in particular volatility of gas yields from the site.
