PRESS RELEASE

Joint Press Release - issued by Alderney Commission for Renewable Energy and Alderney Renewable Energy Ltd

Alderney Commission for Renewable Energy (ACRE) and Alderney Renewable Energy (ARE) have agreed terms of settlement in respect of the Court Proceedings which were due to be heard in the Alderney Court commencing on 17 September 2018.

The cases arose from an Agreement and Statutory Licence entered into in 2008 and involved claims by ACRE for outstanding monies due following the termination of the Agreement and revocation of the Statutory Licence in 2017 and counter claim and Statutory Appeal by ARE.

Both parties are pleased that, after a lengthy period of negotiation, a mutually acceptable agreement has been reached. ARE have agreed to withdraw the counter claim and Statutory Appeal and terms have been agreed between the parties for the payment of the full amount of ACRE’s money claim including costs.

This is a private settlement agreement and there will be no further public statements on this matter by either party as the terms of the settlement include a confidentiality agreement.