Imera Announces EUR4.4 Billion Pan European Electricity Grid Project



    
    -  Offshore Power Network to Enable Renewable Energy to be Connected,
       Enhancing Security of Supply and Cross Border Trade
    

    DUBLIN, Feb. 2 /CNW/ - Imera has announced today that it will build North
Sea and Atlantic electricity grids, connecting key markets and offshore wind
farms as the foundation for a pan-European offshore electricity network. The
EuropaGrid will enable the development of a true European integrated power
market and greatly enhance electricity security of supply.
    Imera's unveiling of its plans follows the EU's announcement of a EUR5
billion stimulus package that includes schemes for increased interconnection.
    Commenting on the EU announcement, Rory O'Neill, Imera's CEO said, "There
are two main factors which are driving the development of the North Sea Grid -
the EU's call for increased interconnection across Europe as a priority issue,
and the EU's target of 20% of its required energy from renewable sources by
2020. Imera's EuropaGrid will not only fast-track increased cross-border
interconnection in Europe, but also enable enormous growth in renewable
generation developments."

    
    The Imera EuropaGrid project will comprise of two networks:

    -  EuropaGrid North Sea - connecting Scandinavia, Western Europe and the
       UK. The first phase represents an investment of EUR2.76 Billion.

    -  EuropaGrid Atlantic - connecting UK, Ireland, France & Spain. The
       first phase represents an investment of EUR1.65 Billion. Imera is
       already developing this with the first cables coming in to operation
       in 2010.

    The key benefits of the EuropaGrid project to the EU include:

    -  A single electricity market will ensure security of energy supply,
       increased competition, and more efficient energy trading within the
       EU.

    -  Connecting offshore wind will drive the development of renewable
       technologies and projects with existing and innovative transmission
       technology.

    -  It solves the grid connection problems many wind power developers face
       today and helps to stabilise the power flow coming from these large
       offshore wind farms.

    -  As a private sector developer Imera funds its own development costs,
       therefore no costs are passed on to the taxpayers or electricity
       users.
    

    Imera is an asset investment company specialising in the development of
subsea power interconnectors and power transmission grids and has recently
received EU approval for its first interconnectors linking Ireland and the UK.
At present, Imera holds five licenses and is actively developing
interconnectors between Ireland and the UK, France and the UK, and Belgium and
the UK. These projects form the foundation for EuropaGrid.
    "Because we are a private company, we can build networks faster and
cheaper than most regulated organisations. We also have access to the largest
fleet of specialized cable-laying vessels and marine engineering expertise
through our parent company, Oceanteam. We truly believe that EuropaGrid is the
future of electricity in Europe and we have the in-house expertise, technical
knowledge, and organisational capability to make it happen." Imera is
currently raising over EUR100M in investment to finance the development of the
first phase of EuropaGrid.
    Imera does not face time or technology barriers compared to competitors
and can complete projects within the three year deadline for interconnector
schemes set as part of the EU's EUR5 billion stimulus package. This means that
Europe can benefit from a single electricity market while harnessing the power
of offshore renewable energy across the EU states.
    Further information about Imera can be obtained on
http://www.imerapower.com




For further information:

For further information: Piaras Kelly, Edelman, +353-1-6789333,
+353-86-8131691, piaras.kelly@edelman.com

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IMERA

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