Ex-CEGB man backs wave power venture
A former manager of the UK’s Central Electricity Generating Board is leading the floatation of a renewable energy company on London’s Alternative Investment Market (AIM). John Baker, who played a key role in the privatisation of the UK’s electricity industry, aims to raise up to £50 million ($99 million) from Renewable Energy Holdings. Baker, who will chair the company, said it would be the largest pure renewables company to list in London. Post floatation, Baker plans to raise a further £70 million ($139 million) in debt, with the intention of acquiring existing renewable projects in Europe. A key project for Renewable Energy Holdings is the development of prototype wave technology used to generate electricity.