UIL rides Carnegie wave

 
Bermudan investment company UIL has acquired 100% of Renewable Energy Holdings’ stake in Carnegie Wave Energy.

UIL, formerly Utilico Investments and Utilico, has completed the acquisition of 101,330,192 of Renewable Energy Holdings’ shares in Carnegie.

The shares represent 5.07% of the total shares in Carnegie, making UIL the second largest shareholder in the Australian wave energy company.

UIL has also agreed to a 12 month voluntary trading escrow, preventing sale of their shares for 12 months.