24 January 2009

News2

Renewable energy investment firm Cape Verde Capital has acquired a 28.5% stake in Rural Energy as part of its strategy for growth in the sustainable energy market.

The investment is the second this year for the investment arm of the Wates Family business - and further strengthens its position within the UK’s rapidly growing renewable energy industry.

Rural Energy is a leading supplier of biomass heating equipment in the UK and supplies wood chip, wood pellet and log heating systems.

Jonny Wates, Chairman of Cape Verde Capital said:
“This investment is an important move for Cape Verde Capital as it further strengthens our portfolio and role in the emerging renewable energy market.”

“The sector continues to grow – despite the global economic downturn – highlighting the increasing demand for renewable solutions to meet the challenges of climate change and rising energy costs. We look forward to working closely with the board at Rural Energy to further support their business.”

Richard Harvey, Managing Director of Rural Energy, said:
“Our unique combination of experience and skills in the design and installation of biomass heating systems is supported with a first class product range. The company is expanding rapidly in response to the huge demand for solutions in the renewable energy sector and everyone at Rural Energy is excited by the new opportunities of our association with Wates and the support extended by Jonny Wates who we are delighted to welcome to our board.”

Cape Verde Capital’s investments benefit from an association with Wates Group which is also wholly owned by the Wates family, as the client base, knowledge and network will all be beneficial to the Companies in which Cape Verde Capital invests and provide synergy with the Wates Group operations.