renewable power  light
head office
9 queen street
mayfair london w1j 5pe
england
 
investorsrplplccom
tel 44 0 20 7659 6642
fax 44 0 20 7659 6643
 
renewable power  light services inc
1030 540 – 5th ave sw
calgary ab t2p 0m2
canada
 
tel 1 403 262 5510
 
rpl holdings inc
601 carlson parkway suite 760
minnetonka mn 55305
usa
 
tel 1 952 746 0390
turning unique ideas
into renewable energy
annual report 2006
renewable power  light plc annual report 2006
wwwrplplccom new je rsey u sa
the elmwood park plant is a 65 mw 
co mbined cycle dual fuel facility t he 
plant beg an co mmercial o peratio ns in 
1989 and so ld power to jersey central 
power and lig ht until 2005
new yo rk u sa
the massena power plant is an 85 mw 
co mbined cycle dual fuel facility t he 
plant was first co mmissio ned in 1994 
and will prod uce power using biodi esel
new yo rk u sa
renewable power  lig ht will use 
the biodi esel prod uced in its facility 
to supply i ts power plants thereby 
reducing the cost o f fuel and the 
risk o f interruptio n to the supply  
o f biodi esel
renewable power  light plc ‘rpl ’ or ‘the company’ 
was established in 2006 as an independent power 
producer generating renewable power the company 
which listed on aim in december 2006 currently 
owns two dual fuel power plants in the northeastern 
united states which are being repermitted to use 
biodiesel as a fuel
wwwrplplccom
renewable power  light plc uk
massena power plant elmwood park power plant biodiesel production facility 01 renewable power  light plc • annual report 2006
successful listing of shares on aim and fundraising  
of us78m £40m
acquisition of two dual fuel power plants in the  
northeastern united states for us251m 
successful completion of biodiesel test burn at  
the 85mw massena power plant to validate the  
business model
recommissioning of the 65mw elmwood park  
new jersey power plant and test burn on natural  
gas and liquid fuel completed 
agreement signed with greenline industries llc of  
san rafael california to build the biodiesel refinery  
that will supply the power plants at massena and 
elmwood park
fabrication of key biodiesel refinery components in 
germany on track
contract with procor limited signed for the construction 
and lease to rpl of 100 specialist rail wagons for the 
transportation of refined biodiesel from the refinery to 
rpl’s power plants 
contract with international matex tank terminals imtt 
signed for the storage of rpl’s palm oil feedstock and 
refined biodiesel at the port in bayonne new jersey
hig hlig hts contents 
01 highlights
02 chairman’s review
04 chief executive officer’s review of operations
08 directors and advisers
09 report of the directors
13 corporate governance
17 responsibilities of directors
18  independent auditors’ report to the  
members of renewable power  light plc
20 consolidated income statement
21 consolidated balance sheet
22 company balance sheet
23 consolidated statement of cash flows
24 company statement of cash flows
25 consolidated statement of changes in equity
26 notes to the financial statements
41 notice of annual general meeting 02 renewable power  light plc • annual report 2006
rpl was established in 2006 as an independent power producer generating ‘green’ 
or renewable power in december 2006 the company completed a successful listing 
of its shares on aim raising us78m £40m to fund the acquisition of two power 
plants in the us repermitting them to run on biodiesel and the construction of 
biodiesel refining handling and storage facilities in the northeastern us 
since the company’s incorporation we have put in place an experienced 
international management team completed a successful ipo and acquired  
two power plants in q1 2007 we have recommissioned elmwood park  
and successfully test burned biodiesel at massena and have progressed  
the construction of our biodiesel refining plant
results
given that the company acquired its two power plants on 14 december 2006  
no trading revenue was generated from power plant operations in 2006
revenue for the period was us124000 as a result of payments received from the 
new york independent system operator nyiso these are capacity payments that 
the company receives as a matter of course to ensure that if required rpl is in a 
position to produce and deliver power to the local grid the operating loss was 
us1601000 primarily as a result of our administrative costs this led to a loss 
before tax of us1504000
the company has a strong balance sheet with total assets of us824m  
net cash at the yearend was us434m cash and cash equivalents
chai rman’s revi ew
michael g reynolds chairman 03 renewable power  light plc • annual report 2006
dividend
as outlined at the time of our ipo the board intends first to achieve capital growth 
and in the short term to reinvest future profits in the company as a result rpl is 
unlikely to declare dividends in the foreseeable future due consideration will be 
given to paying dividends once the board determines it is appropriate to do so
colleagues
it has been a very busy first year for rpl we have recruited a strong team of 
dedicated professionals to deliver our business plan i would like to thank all  
my colleagues for their commitment and hard work 
outlook
we have identified an opportunity to turn existing fossil fuel power generation 
assets into renewable energy generation facilities by running these plants on 
biodiesel we are pleased to have validated this business model following our 
successful biodiesel test burn at massena we believe this is a highly repeatable 
business model and as such are continuing to identify and review opportunities to 
acquire further power plants and source additional supplies of biodiesel feedstock 
michael g reynolds • chairman
26 april 2007
the company completed a successful listing of  
its shares on aim raising £40m to fund principally 
the acquisition of two power plants in the us 
modify them to run on biodiesel and construct  
a biodiesel facility in the northeastern us 04 renewable power  light plc • annual report 2006
rpl was created to take advantage of a number of ongoing changes affecting 
power markets growth in demand for renewable energy an increasing propensity 
for national and state governments to cap carbon emissions and rising gas and oil 
prices have led to considerable restructuring of the electricity industry a shift away 
from larger centralised power generation facilities towards smaller distributed 
power generation facilities that can be more responsive to local market conditions  
is also occurring the lower capital costs of these smaller facilities create an 
opportunity for smaller companies to be competitive in power markets
against this changing industry background rpl’s strategy is to acquire relatively low
cost conventional power generation assets and run them on renewable fuels the 
two power plants that rpl currently owns will be run on biodiesel and as a result 
we expect to be able to aggregate available incentives including renewable energy 
certificates recs and blender tax credits a us1 per gallon federal ‘blender credit’ 
for the production of biodiesel 
while incentives such as the biodiesel blender tax credit remain in place the 
business model demonstrates a high level of profit and free cash flows significantly 
increasing the production of biofuels in order to reduce american oil imports is  
a core element of us energy policy we continue to believe that there is strong 
evidence to suggest that incentives such as the biodiesel blender tax credit will  
be available for several years to come however should such incentives decrease  
or cease altogether leaving power generation with biodiesel uneconomic rpl has 
the option to sell its entire biodiesel output and maintain a substantial level of profits 
and free cash flow generation
rpl is in the process of building a biodiesel refining facility to provide greater  
control over both the cost and quality of fuel supply the plant the key components 
of which are being fabricated in germany and are to be shipped to the us for plant 
assembly uses proven technology already successfully operating in biodiesel refining 
plants in germany and holland this biodiesel technology is modular and can  
be easily expanded to accommodate increasing demand from the company’s  
power plants any excess biodiesel not used in our power plants will be sold to  
third parties
chi ef executi ve o ffi cer’s 
revi ew o f o peratio ns d avid m l ewis president and  
chief executive officer 05 renewable power  light plc • annual report 2006
our biodiesel refinery will initially use refined bleached and deodorised rbd palm 
oil as a feedstock we currently have in place a fixedprice 20month contract with  
a large north american palm oil supplier within the terms of the contract we have 
secured a further three years of rbd palm oil supply until the end of 2011 which 
incorporates a price stabilisation mechanism exposing rpl to a maximum price 
increase of 20 of the market index price increase over the contract price 
nonetheless we will continue to review as a matter of course our feedstock supply 
arrangements with a view to continuously ensuring the most cost competitive 
secure solution for the supply of renewable fuel to our power plants this 
continuous review may include sourcing feedstock supplies in a variety of different 
ways including dealing directly with certain farmers and suppliers as a producer of 
renewable power we support the round table on sustainable palm oil rspo and 
work to ensure that all raw material is sourced from sustainable plantations 
in order to mitigate the risk of energy market price volatility our strategy is to 
commit a portion of the output of the power plants to sale through longterm 
power purchase agreements 
 
we have made significant progress since the company was established last year  
at the time of our flotation in december we completed the acquisition of two 
power plants in the northeastern united states for a total consideration of 
us251m us182m of which was financed from the proceeds of the ipo 
power plants
the 85 mw dual fuel massena plant is located in upstate new york and the 65mw 
dual fuel elmwood park plant is located in new jersey repermitting of the massena 
plant to use biodiesel is expected to take place in 2007 with the repermitting of the 
elmwood park plant expected in q4 of 2008 
the electricity generated at the massena plant is expected to be sold to the local 
grid both via longterm offtake agreements and through the spot market until it is 
repermitted the elmwood park plant will be run on natural gas and will sell power 
to the peaking market through the existing grid or the interconnected paper mill 
located adjacent to the power plant
our initial portfolio of power plants will be run on 
biodiesel and as a result we expect to aggregate 
available government incentives such as renewable 
energy credits recs and blender tax credits 
blender credits 
renewable ene rgy 
transforms fossilfueled 
facilities making them 
renewable 06 renewable power  light plc • annual report 2006
massena
on 6 april 2007 we announced the successful completion of a test burn at the 
massena plant the test burn under which the facility was run at full capacity for 
several hours used biodiesel as fuel rather than natural gas whilst running on 
biodiesel there were no operating problems and the plant ran within all expected 
and acceptable operating levels and temperature limits furthermore plant emissions 
were in line with predicted values and electricity generated during the test was sold 
to the local electricity grid 
this was an extremely encouraging result which validates our business model and 
confirms that traditional power plants can be successfully run on biodiesel we are 
now in the process of submitting a report to the new york state environmental 
agency to support our application to add biodiesel as an additional permitted fuel  
at the massena plant
elmwood park
work continues toward the preparation of the elmwood park power plant for re
permitting since the ipo we have recommissioned this plant and on 23 april 2007 
the plant was run on natural gas and liquid fuel for several hours in preparation for  
a stack test which is expected to take place in may once the stack test results are 
known we will be in a position to start commercial production of power and steam
biodiesel facility
we have also progressed toward our goal of producing biodiesel from our own 
facility by q4 of 2007 in january 2007 we announced an agreement with greenline 
industries llc of san rafael california to build our biodiesel refining equipment  
at a cost of us236m the facility’s principal components are being fabricated in 
germany and will be shipped to the us for plant assembly in q3 2007 the biodiesel 
refinery will have a capacity of 60 million gallons per year and will allow the 
company to secure both the quantity and quality of biodiesel required to fire  
the massena power plant we expect to expand the biodiesel refinery’s capacity  
by a further 30 million gallons in 2008 in order to produce sufficient biodiesel  
for use in our elmwood park power plant 
during q1 2007 there was a short delay in receiving technical information relating 
to the refinery’s balance of plant equipment this situation has now been 
successfully resolved we now anticipate that the biodiesel refinery will be fully 
commissioned in q4 2007 and that base load biodiesel operations will begin at  
the massena power plant in q1 2008 we do not expect any material change to 
projected earnings for the current year as the company intends to sell into the 
market that palm oil that would have been used in firing the massena power plant  
in q4 2007
chi ef executi ve o ffi cer’s 
revi ew o f o peratio ns continued
l ife cycle use of biodiesel 
produces 80 less co
2
 than 
diesel oil 07 renewable power  light plc • annual report 2006
in february 2007 we entered into an agreement with international matex tank 
terminals imtt through whom rpl will lease a storage terminal for its palm oil 
feed stock and refined b100 biodiesel the terminal located at the port in bayonne 
new jersey is undergoing some minor modifications and is expected to be ready to 
receive our feedstock by q4 of 2007 the central location of this facility and its 
existing infrastructure make it ideal for our purposes preliminary investigations 
indicate that the site may be expanded to accommodate our future requirements 
in order to transport the refined biodiesel from the biodiesel refinery to the massena 
and elmwood park power plants we entered into a lease agreement with procor 
limited ontario in january 2007 under the terms of the lease agreement procor 
will build and provide rpl with 100 specialist rail wagons a security deposit of 
us600000 was paid to ensure the delivery of the cars in q4 of 2007
growing our portfolio
as highlighted at the time of our flotation the management are aware of a number 
of other power plants that may provide opportunities for further acquisitions in 
order to provide sufficient flexibility to capitalise on these potential growth 
opportunities the directors are proposing to obtain shareholder approval at the 
forthcoming agm to disapply statutory preemption rights over the allotment of  
new shares representing 25 of the existing issue share capital of the company
people
rpl has expanded its number of personnel from eight at the point of ipo to a core 
team of over 30 people today this includes senior management engineering staff 
power station personnel and administrative staff we are continuing to add 
professional staff to our team to achieve our stated business model goals
outlook
we are pleased with the progress that we have made to date and we remain 
confident about rpl’s growth potential the successful test burn has demonstrated 
the validity of rpl’s business model with an indicative offtake agreement for 
electricity sales received and letters of intent for sale of biodiesel and surplus rbd 
palm oil into the oils and vehicle fuel markets in place our innovative and repeatable 
model is now well positioned to deliver growth and profitability going forward 
david m lewis • president and chief executive officer
26 april 2007
on 6 april we announced the successful 
completion of a test burn at the massena plant 
the test burn under which the facility was run  
at full capacity for several hours used biodiesel 
as fuel rather than natural gas this test is an 
important milestone which validates our  
business model
renewable powe r   
li ght is empowered by  
its unique energy and  
solid v ision 08 renewable power  light plc • annual report 2006
di recto rs and advis ers directors
michael g reynolds
nonexecutive chairman
david m lewis 
president and chief executive officer
donald l verbick 
senior vice president operations
timothy p hunstad 
vice president and 
chief financial officer
david e pinkman 
nonexecutive director
mark r draper 
nonexecutive director
alexander s lambie 
nonexecutive director
victor j fryling 
nonexecutive director
all of whose business address  
is at the company office
9 queen street
london w1j 5pe
united kingdom
company secretary
martha bruce
registered office
9 queen street
london w1j 5pe
united kingdom
registered number
registered in england and wales 
number 5817450
broker and nominated advisor
libertas capital securities limited
16 berkeley street
london w1j 8dz
united kingdom
auditors
mazars llp
24 bevis marks
london ec3a 7nr
united kingdom
bankers
natwest bank plc
juxon house
98 st pauls churchyard
london ec4m 8bu
wells fargo bank
900 east wayzata boulevard
wayzata mn 55391
usa
solicitors
fox williams llp
ten dominion street
london ec2m 2ee
united kingdom
registrar
computershare investor services plc
the pavilions
bridgwater road
bristol bs13 8ae
united kingdom 09 renewable power  light plc • annual report 2006
the directors present their report and the audited financial 
statements for the period ended 31 december 2006
this is the first period of the operations of the company 
which was incorporated on 15 may 2006 and was floated on 
aim with the first day of trading being 14 december 2006
principal activities
the principal activity of the company during the period  
was that of a holding company which is engaged in the 
renewable energy independent power production industry 
the company’s subsidiary rpl holdings inc is a us 
corporation which has purchased two dualfuel electric 
power generating facilities in the northeastern part of the us 
that will be modified to produce electricity powered by palm
based biodiesel the purchases of these two facilities were 
effected on the same day of the company’s flotation on aim 
the company purchased the massena new york facility by 
buying the ownership interest of power city partners lp  
and power city generating inc the owners of the plant  
the company purchased the assets of the elmwood park 
new jersey facility the directors regard future investment  
in additional power generation facilities and biodiesel 
manufacturing facilities as well as other renewable energy 
generation facilities as a prerequisite for success in the 
medium to longterm future 
enhanced business review
a review of the business its development and performance 
for the period and its position at the period end together 
with the future prospects of the group is contained in the 
chairman’s review and the chief executive’s review of 
operations these reviews also contain the principal risks and 
uncertainties of the group at this stage of its development 
together with detail of how the directors are managing these 
risks in the internal controls section of the corporate 
governance statement on page 13 there are further 
indications of these risks and uncertainties
as the power plants and refinery are still in development  
no key performance indicators are used by the management 
to monitor performance at this stage the key performance 
indicators necessary to understand the development 
performance and position of the group will be established 
during 2007
results and dividends
the loss for the period after taxation amounted to 1504m 
reflecting the startup nature of the business the directors 
do not recommend the payment of a dividend
annual general meeting
notice of an annual general meeting of shareholders is set 
out on page 41 of this report
repo rt of the di recto rs 10 renewable power  light plc • annual report 2006
directors and directors’ interests
the directors who were appointed to the board on the dates set out below were as follows
name position date of appointment date of resignation
mr michael reynolds nonexecutive chairman 2 november 2006 –
mr david lewis president and chief executive officer 6 june 2006 –
mr donald verbick senior vice president operations 6 june 2006 –
mr timothy hunstad vice president and chief financial officer 6 november 2006 –
mr david pinkman nonexecutive director 2 november 2006 –
mr mark draper nonexecutive director 2 november 2006 –
mr alexander lambie nonexecutive director 2 november 2006 –
mr victor fryling nonexecutive director 2 november 2006 –
mr paul airley director 1 june 2006 6 june 2006
mr richie clark director 1 june 2006 6 june 2006
swift incorporations limited director 15 may 2006 1 june 2006
instant companies limited nominee director 15 may 2006 1 june 2006
the directors who held office at the end of the period have the following interests in the ordinary shares of the company 
including shareholdings held by connected persons and options held over the ordinary shares of the company at  
31 december 2006
 at 31 december 2006
        beneficial share
        interest options
mr michael reynolds        150000 270000
mr david lewis        12937957 1000000
mr donald verbick        1790100 830000
mr timothy hunstad        15000 750000
mr david pinkman        950000 270000
mr mark draper        – 270000
mr alexander lambie        150000 270000
mr victor fryling        150000 270000
directors’ interests in contracts
other than the renewable power  light services inc agreement described in note 24 to the accounts the company has not 
entered into any related party transactions 
repo rt of the di recto rs continued 11 renewable power  light plc • annual report 2006
significant shareholdings
as at 25 april 2007 the following information in respect of interests in the company’s share capital had been disclosed to  
the company in accordance with sections 198 to 208 of the companies act 1985 or disclosure and transparency directive 
chapter 5
        ordinary
        shares 
david lewis        12937957 1507
glg partners lp        12310636 1434
credit suisse securities europe limited        6307219 735
aegon scottish equitable        6154393 716
rab capital        4300000 501
modal capital partners        4285714 499
société privée de gestion de patrimoine        4285714 499
mpc investors limited        3571428 416
dalton strategic partners        3571428 416
kairos investment management        3428571 399
new star asset management        2857142 333
directors’ and officers’ liability
directors’ and officers’ liability insurance has been purchased by the company during the period the company’s articles of 
association provide subject to the provision of uk legislation an indemnity for directors and officers of the company in respect 
of liabilities they may incur in the discharge of their duties or in the exercise of their powers including any liabilities relating to 
the defence of any proceedings brought against them which relate to anything done or omitted or alleged to have been done  
or omitted by them as officers or employees of the company appropriate directors’ and officers’ liability insurance cover is in 
place in respect of all of the company’s directors
political and charitable contributions
no political or charitable contributions were made during the period 
financial instruments
the group operates a centralised treasury function which is responsible for managing the liquidity interest and foreign currency 
risks associated with the group’s activities the group operates predominantly in us dollars with dealings in other currencies 
primarily sterling
liquidity risk
the group manages its cost and borrowing requirements centrally to maximise interest income and minimise interest expense 
whilst ensuring that the group has sufficient liquid resources to meet the operating needs of its businesses 12 renewable power  light plc • annual report 2006
interest rate risk
the group is exposed to interest rate risk on the investment 
of its substantial cash balance remaining from the proceeds 
of the admission to aim
foreign currency risk
the group’s principal activities are denominated in us dollars and 
exposure to other currencies is not considered to be material
credit risk
investment of cash surpluses are made through banks which 
fulfil credit rating criteria approved by the board receivable 
balances are monitored on an ongoing basis and provision is 
made for doubtful debts where necessary
the group’s approach to financial instruments and the 
disclosures are detailed in note 23 to the financial statements
policy on payment of suppliers
the company does not have a policy to follow any code 
 or standard on payment practice however the company 
will continue to settle the terms of payment with its suppliers 
and when agreeing the terms of each transaction will ensure 
that those suppliers are aware of the terms of payment  
and will abide by those terms of payment unless 
subsequently renegotiated 
creditors’ days at 31 december 2006 based on the 
aggregate of the amounts which were owed to trade 
creditors at that date and the aggregate of the amounts 
which the group was invoiced by suppliers during the  
period amounted to 40 days
auditors
mazars llp were appointed as auditors to the company on  
7 november 2006 a resolution to reappoint mazars llp  
as auditors to the company and to authorise the directors  
to fix their remuneration will be proposed at the annual 
general meeting
the directors have taken all the necessary steps to make us 
aware as directors of any relevant audit information and to 
establish that the auditors are aware of that information as 
far as the directors are aware there is no relevant information 
of which the company’s auditors are not aware
approved by the board of directors and signed on behalf of 
the board
mr michael reynolds • nonexecutive chairman
26 april 2007
repo rt of the di recto rs continued 13 renewable power  light plc • annual report 2006
the combined code requires that disclosures be made on 
how the principles of the code have been applied known as 
‘the appliance statement’ and whether or not the company 
has complied with these principles known as ‘the compliance 
statement’ the combined code is intended to promote the 
principles of openness integrity and accountability
statement of compliance with the code of best practice 
and applying the principles of good governance
the company is committed to high standards of corporate 
governance throughout the group as an aim company 
renewable power  light plc rpl is not obliged to report  
its compliance with the principles of good governance  
and code of best practice published by the committee on 
corporate governance ‘the combined code’ nonetheless 
the company is committed to meeting these principles as  
far as it reasonably can and the commentary below reflects 
the extent to which the company has complied with the 
combined code during the period under review
board effectiveness
the board which is set up to control the company and 
group meet formally at least four times a year and in the 
period under review met on five occasions as at the period 
end the board was comprised of eight directors – three 
executive and five nonexecutive directors 
the company was listed on aim on 14 december 2006  
all board meetings in 2006 were held in connection with 
the company’s admission to aim and related financing and 
therefore no routine quarterly board meetings were held  
the first regular meeting of the board took place on 26 april 
2007 at each of these regular board meetings the board  
will receive the latest financial and management information 
available which will consist of
• management accounts setting out actual performance 
against budgeted performance
• working capital cash flow position and forecasts against 
budget
• a statement of the progress of capital expenditures 
compared with budget
• management discussion on variance analysis and
• review of operating plant performance and  
construction activities
a current trading appraisal is given by the chief executive 
board management reports are issued monthly regardless  
of whether a board meeting has been scheduled for that 
particular month
the board reserves to itself a range of key decisions to ensure 
it retains proper direction and control of the company  
whilst delegating authority to individual directors who are 
responsible for the day to day management of the business 
all major and strategic decisions of the company are reserved 
and made in the united kingdom the chief executive officer 
canadabased and the chairman uk based have 
discussions on an informal yet frequent basis to discuss 
progress against budget and business issues
all directors have access to the advice and services of 
the company secretary and can also seek independent 
professional advice if necessary at the company’s expense
board appointments
all appointments to the board are discussed at a full board 
meeting and each member is given the opportunity to  
meet the individual concerned prior to an appointment  
being made
as permitted by the combined code due to the small size  
of the board it is considered inappropriate to establish a 
nomination committee
chairman and chief executive
the board has shown its commitment to dividing 
responsibility for running the board and the business  
by appointing mr michael reynolds as nonexecutive 
chairman and mr david lewis as chief executive
committees
the directors have delegated certain of their responsibilities 
to various committees which operate within specific terms  
of reference and authority limits 
c o rpo rate gove rnance 14 renewable power  light plc • annual report 2006
the remuneration committee
the remuneration committee which comprises three  
nonexecutive directors mark r draper chairman 
alexander s lambie and david e pinkman will meet as 
required during each financial year it is responsible for 
reviewing the performance of the executive directors  
and for the management of services provided to rpl by 
renewable power  light services inc rpl services and  
for setting the scale and structure of their remuneration  
andor any feesexpenses paid in respect of them under  
the rpl services agreement having due regard to the 
interests of shareholders as a whole and the performance  
of the group the remuneration of the nonexecutive 
directors will be reviewed by the board
 
the audit committee
the audit committee which comprises three nonexecutive 
directors victor j fryling chairman alexander s lambie 
and mark r draper will meet at least twice each financial 
year it will review the company’s interim and annual financial 
statements before submission to the board for approval as 
well as regular reports from management and the external 
auditors on accounting and internal control matters where 
appropriate the audit committee will monitor the progress 
of action taken in relation to such matters the audit 
committee will also recommend the appointment of  
and will review the fees of any external auditors
reelection of directors
directors retire by rotation in accordance with the company’s 
articles of association which prescribe that at every annual 
general meeting one third of the directors for the time being 
or if their number is not a multiple of three then the number 
nearest to but not exceeding one third shall retire from 
office nonexecutive directors are not appointed for 
specified terms but their appointment is terminable by  
either party on three months’ written notice
shareholder relations
the company maintains a website wwwrplplccom  
where the group’s statutory accounts will be accessible  
the following information can also be found here
• copies of regulatory announcements
• announcements made to relevant industry media
• directors’ biographies
• information relating to the group’s operations
all queries raised by shareholders are dealt with by the  
chief executive officer otherwise the directors meet and 
discuss the performance of the group with shareholders 
during the year
accountability and audit
the board believes that the annual report and financial 
statements play an important part in presenting all 
shareholders with an assessment of the group’s position  
and prospects this is achieved by the chairman’s review  
and the chief executive officer’s review of operations  
which contains a detailed consideration of the group’s 
financial position and prospects
remuneration report
this report should be read in conjunction with note 6 to the 
accounts the remuneration committee is responsible for 
reviewing the level and makeup of the remuneration of 
executive directors in doing so the committee’s aims are
• to ensure that remuneration packages are sufficient  
to attract and retain executive directors of the  
requisite calibre
• to ensure that the company’s performance targets are 
aligned with those of its executive directors
• to ensure that the remuneration policies adopted by the 
company give full consideration to the requirements of 
the combined code appended to the listing rules of the 
uk listing authority
• to consider and if thought fit grant options to  
executive directors and staff under the company’s  
share option scheme
c o rpo rate gove rnance continued  15 renewable power  light plc • annual report 2006
where applicable to assess targets that should be used in  
the fixing of performance related pay for executive directors 
such bonuses are paid at the discretion of the remuneration 
committee and for the period ending 31 december 2006 no 
such bonus was recommended or paid
 
the components of remuneration are
• basic salary and benefits determined by the remuneration 
committee which are included in employment agreements 
and reviewed annually
• performance related bonuses based upon improvements  
in earnings per share profitability growth and individual 
goals performance
service contracts
the employment contracts of the executive directors with 
the company are terminable by either party to the other 
with not less than six months’ notice in writing
nonexecutive directors
the remuneration of the nonexecutive directors is 
determined by the board within the limits set out in the 
articles of association
audit committee
the duties of the audit committee include
• review of the scope and the results of the audit
• assessment of the cost effectiveness of the audit
• monitoring the independence and objectivity of  
the auditors
• review and assessment of current updates of changes  
in accounting standards and their likely impact on the 
company’s accounts
 
internal controls
the board will undertake an annual review of the 
effectiveness of the group systems of internal financial 
control in accordance with principle d2 of the combined 
code the board of directors has overall responsibility for  
the group’s systems of internal controls including financial 
operational and compliance which are designed to provide 
reasonable but not absolute assurance against material 
misstatement or loss and comply with the turnbull guidance 
the controls are used in identifying evaluating and managing 
significant risks of the group on an ongoing basis 
these internal controls are being put in place and include
• ensuring that an appropriate organisational structure  
exists with clear lines of responsibility and delegation  
of authority
• the allocation of responsibility for important business 
functions to experienced and suitably qualified staff
• detailed budgets and plans which are approved by  
the group board
• regular consideration by the board of actual results 
compared with budgets and forecasts
• compliance by subsidiaries with group operating 
procedures and policies
• annual review of the group’s insurance cover
• defined procedures for the appraisal and authorisation  
of capital expenditure and capital disposals
• regular reporting of the group’s liquidity position
the board has decided that at this stage in the group’s 
development that the creation of an internal audit function 
is not warranted in reaching this decision the board has  
had regard to the controls that have been created and 
implemented across the group these are
• the establishment of a board with an appropriate balance 
of executive and nonexecutive directors which has overall 
responsibility for decision making across the company
• the preparation and approval of an annual budget in 
advance of each financial year and monitoring 
performance against this at an appropriate level of detail 
with appropriate timeliness
• establishing clear lines of reporting responsibility and 
delegation throughout the company and documenting 
this in a clearly defined organisational chart
• ensuring that clearly defined control procedures covering 
expenditure and authority levels are reviewed and 
implemented on a timely basis
  16 renewable power  light plc • annual report 2006
the company is a participant in the very competitive 
renewable energy independent power producer industry  
as such it will encounter various strategic commercial 
operational and financial risks which may significantly affect 
the company’s strategies and value the principal risks or 
uncertainties are
• the construction of the biodiesel plant and the conversion 
of the power plants to operate on the palmderived biodiesel
• the availability and the extension of the various federal 
and state biodieselderived tax credits which are significant 
to the company’s operating cash flow
• the availability and sustainability of economic supplies of 
biodiesel feedstocks
• the successful longterm contracting of the electricity and 
steam outputs of the power plants
• the availability and economic viability of acquiring  
existing operating power plants for modification to 
operate on biodiesel
c o rpo rate gove rnance continued
going concern
having considered the guidance given in the document 
‘going concern and financial reporting guidance for 
directors of listed companies’ the directors have formed  
a judgement at the time of approving these financial 
statements that there is a reasonable expectation that the 
group has adequate resources to continue in operational 
existence for the foreseeable future and therefore continue 
to adopt the going concern basis in preparing the  
financial statements
relations with shareholders
the group will communicate with shareholders through both 
the interim and annual reports in addition all shareholders 
may attend the group’s annual general meeting where they 
may raise matters relating to their shareholdings and the 
business of the group 17 renewable power  light plc • annual report 2006
company law requires the directors to prepare financial 
statements for each financial period which give a true and fair 
view of the state of affairs of the group and of the company 
and of the profit or loss of the group and of the company  
for that period in preparing those financial statements the 
directors are required to
• select suitable accounting policies and then apply  
them consistently
• make judgements and estimates that are reasonable  
and prudent
• state whether applicable accounting standards have been 
followed subject to any material departures disclosed and 
explained in the accounts and
• prepare the financial statements on the going concern 
basis unless it is inappropriate to presume that the group 
will continue in business
the directors are responsible for keeping proper accounting 
records which disclose with reasonable accuracy at any time 
the financial position of the group and of the company and 
enable them to ensure that the financial statements comply 
with the companies act 1985 they are also responsible for 
safeguarding the assets of the group and hence for taking 
reasonable steps for the prevention and detection of fraud 
and other irregularities 
responsibilities of di recto rs 18 renewable power  light plc • annual report 2006
we have audited the financial statements of renewable 
power  light plc for the period ended 31 december 2006 
which comprise the consolidated profit and loss account the 
consolidated balance sheet the company’s balance sheet 
the consolidated cash flow statement the company’s cash 
flow statement the consolidated statement of changes in 
equity and related notes these financial statements have 
been prepared under accounting policies set out therein
this report is made solely to the company’s members as  
a body in accordance with section 235 of the companies  
act 1985 our audit work has been undertaken so that we 
might state to the company’s members those matters we  
are required to state to them in an auditors’ report and for  
no other purpose to the fullest extent permitted by law  
we do not accept or assume responsibility to anyone other 
than the company and the company’s members as a body 
for our audit work for this report or for the opinions we 
have formed
respective responsibilities of directors and auditors
as described in the responsibilities of directors the 
company’s directors are responsible for the preparation of 
financial statements in accordance with applicable law and 
international financial reporting standards ifrs as adopted 
for use in the european union
our responsibility is to audit the financial statements in 
accordance with relevant legal and regulatory requirements 
and international standards on auditing uk and ireland 
we report to you our opinion as to whether the financial 
statements give a true and fair view whether the financial 
statements are properly prepared in accordance with the 
companies act 1985 and whether the information given  
in the directors’ report is consistent with the financial 
statements we also report to you if in our opinion the 
company has not kept proper accounting records if we have 
not received all the information and explanations we require 
for our audit or if information specified by law regarding 
directors’ remuneration and transactions with the company 
and other members of the group is not disclosed
we read the directors’ report and consider the implications 
for our report if we become aware of any apparent 
misstatements within it
we read other information contained in the annual report 
and consider whether it is consistent with the audited 
financial statements this other information comprises only 
the chairman’s review the chief executive officer’s review 
of operations and the corporate governance report we 
consider the implications for our report if we become aware 
of any apparent misstatements or material inconsistencies 
with the financial statements our responsibilities do not 
extend to other information
i n depen dent a u dito rs’ repo rt to the me mbe rs of 
renewable p owe r  l i ght plc 19 renewable power  light plc • annual report 2006
basis of audit opinion
we conducted our audit in accordance with international 
standards on auditing uk and ireland issued by the 
auditing practices board an audit includes examination  
on a test basis of evidence relevant to the amounts and 
disclosures in the financial statements it also includes an 
assessment of the significant estimates and judgements made 
by the directors in the preparation of the financial statements 
and of whether the accounting policies are appropriate to the 
circumstances of the company and the group consistently 
applied and adequately disclosed
we planned and performed our audit so as to obtain all  
the information and explanations which we considered 
necessary in order to provide us with sufficient evidence  
to give reasonable assurance that the financial statements are 
free from material misstatement whether caused by fraud or 
other irregularity or error in forming our opinion we also 
evaluated the overall adequacy of the presentation of 
information in the financial statements
opinion
in our opinion 
• the financial statements give a true and fair view in 
accordance with ifrs of the state of the company’s and 
the group’s affairs as at 31 december 2006 and of the 
group’s loss for the period then ended 
• the financial statements have been properly prepared in 
accordance with the companies act 1985 and
• the information given in the director’s report is consistent 
with the financial statements 
mazars llp
chartered accountants 
and registered auditors 
24 bevis marks
london
ec3a 7nr
26 april 2007 20 renewable power  light plc • annual report 2006
         15 may to 
         31 december
         2006
       note  ’000
revenue       1  124
cost of sales         118
gross profit         6
administrative expense         1607
loss from operations       7  1601
investment income       8  112
finance costs       9  15
loss before tax         1504
income tax       10  –
loss for the period attributable to equity holders of the parent company     1504
loss per share 
basic and diluted       11  005
all activities of the company relate to continuing operations
c onsoli date d i nco me s tate ment period e nded 31 d ecember 2006 21 renewable power  light plc • annual report 2006
         31 december 
         2006
       note  ’000
assets
noncurrent assets
property plant and equipment       12  33513
total noncurrent assets         33513
current assets
inventories       14  3006
trade and other receivables       15  1519
nontrade receivables       16  883
cash and cash equivalents         43440
total current assets         48848
total assets         82361
equity and liabilities
equity
share capital       17  1646
share premium       17  73651
retained earnings       17  1394
total equity attributable to equity holders of the parent      17  73903
noncurrent liabilities
interest bearing loans and borrowings       18  2000
provisions       19  1200
total noncurrent liabilities         3200
current liabilities
interest bearing loans and borrowings       18  2000
employee benefits         18
trade and other payables       20  3240
total current liabilities         5258
total equity and liabilities         82361
the financial statements were approved by the board of directors and authorised for issuance on 26 april 2007 they were 
signed on its behalf by 
timothy p hunstad • director 
c onsoli date d b alance s heet 31 d ecember 2006 22 renewable power  light plc • annual report 2006
         31 december 
         2006
       note  ’000
assets
current assets
trade and other receivables       15  630
intercompany receivables       15  73380
cash and cash equivalents         207
total current assets         74217
total assets         74217
equity and liabilities
equity
share capital       17  1646
share premium         73651
retained earnings         1080
total equity attributable to equity holders of the parent        74217
total equity and liabilities         74217
the financial statements were approved by the board of directors and authorised for issuance on 26 april 2007 they were 
signed on its behalf by 
timothy p hunstad • director 
 
c o mpany b alance s heet 31 d ecember 2006 23 renewable power  light plc • annual report 2006
         15 may to 
         31 december
         2006
       note  ’000
net cash flow from operating activities       22  3291
investing activities
interest received         113
acquisition of subsidiary undertakings       3  18515
purchase of property plant and equipment       12  14073
cash flow from investing activities         32475
financing activities
proceeds from issue of promissory note       18  4000
proceeds on issue of shares       17  4663
proceeds on flotation net of professional fees        70580
cash flow from financing activities         79243
net increase in cash and cash equivalents        43477
cash and cash equivalents at beginning of period        –
effect of foreign exchange rate changes         37
cash and cash equivalents at end of period        43440
c onsoli date d s tate ment of c ash f lows period e nded 31 d ecember 2006 24 renewable power  light plc • annual report 2006
         15 may to 
         31 december
         2006
       note  ’000
net cash flow from operating activities       22  75090
cash flow from investing activities         –
financing activities
proceeds on issue of shares         4663
proceeds on flotation net of professional fees        70580
cash flow from financing activities         75243
net increase in cash and cash equivalents        153
cash and cash equivalents at beginning of period        –
effect of foreign exchange rate changes         54
cash and cash equivalents at end of period        207
c o mpany s tate ment of c ash f lows period e nded 31 d ecember 2006 25 renewable power  light plc • annual report 2006
      share  share retained
      capital premium losses total
      ’000 ’000 ’000 ’000
net loss for the period      – – 1504 1504
credit to equity for ifrs 2      – – 110 110
proceeds from initial share issue      531 4132 – 4663
proceeds from flotation net of fees      1115 69519 – 70634
balance at 31 december 2006      1646 73651 1394 73903
c onsoli date d s tate ment of c han ges in e quity period e nded 31 d ecember 2006 26 renewable power  light plc • annual report 2006
general information
the company is incorporated in the united kingdom under the companies act 1985 the address of the registered office is 
given on page 8 
the nature of the company’s operations and principal activities are set out in the report of the directors
the financial statements are presented in us dollars the currency in which the majority of the group’s transactions  
are denominated
at the date of authorisation of these financial statements the following standards and interpretations which have not been 
applied in these financial statements were in issue but not yet effective
ifrs 7 financial instruments disclosures
ifrs 8 operating segments
ifric 9 reassessment of embedded derivatives
ifric 10 interim financial reporting and impairment
ifric 11 ifrs 2 group and treasury share transactions
ifric 12 service concession arrangements
1 significant accounting policies
the following principal accounting policies have been used consistently in the preparation of the consolidated financial 
information of the group the consolidated financial information comprises the company and its subsidiaries together  
referred to as ‘the group’ 
a basis of preparation the financial information in this document has been prepared using accounting principles generally 
accepted under international financial accounting standards ‘ifrs’ as adopted by the european union these are the first 
financial statements prepared by the group and therefore are the first set prepared under ifrs 1
 international financial accounting standards are consistent with those which management expects to apply in the group’s 
annual report and financial statements for all future reporting 
 the financial statements have been prepared on the historical cost basis 
b basis of consolidation the consolidated balance sheet and income statement includes the financial statements of the 
company and its subsidiaries at 31 december 2006 the consolidated financial statements incorporate the financial 
statements of the company and entities controlled by the company its subsidiaries made up to 31 december each period 
control is achieved where the company has the power to govern the financial and operating policies of an investee entity so 
as to obtain benefits from its activities
 the results of subsidiaries acquired or disposed of during the period are included in the consolidated income statement from 
the effective date of acquisition or up to the effective date of disposal as appropriate
 where necessary adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into 
line with those used by the group
 all intragroup transactions balances income and expenses are eliminated on consolidation
n otes to the f inancial s tate ments 27 renewable power  light plc • annual report 2006
1 significant accounting policies continued
c business combinations the acquisition of subsidiaries is accounted for using the purchase method the cost of the 
acquisition is measured at the aggregate of the fair values at the date of exchange of assets given liabilities incurred  
or assumed and equity instruments issued by the group in exchange for control of the acquiree plus any costs directly 
attributable of the business combination 
 the acquiree’s identifiable assets liabilities and contingent liabilities that meet the conditions for recognition under ifrs 3  
are recognised at their fair value at the acquisition date except for noncurrent assets or disposal groups that are classified 
as held for resale in accordance with ifrs 5 noncurrent assets held for sale and discontinued operations which are 
recognised and measured at fair value less costs to sell 
 goodwill arising on acquisition is recognised as an asset and initially measured at cost being the excess of the cost of the 
business combination over the group’s interest in the net fair value of the identifiable assets liabilities and contingent 
liabilities recognised if after reassessment the group’s interest in the net fair value of the acquiree’s identifiable assets 
liabilities and contingent liabilities exceeds the cost of the business combination the excess is recognised immediately in  
profit or loss 
d property plant and equipment property plant and equipment are stated at cost less accumulated depreciation and any 
recognised impairment loss assets are written off on a straightline basis over their estimated useful life commencing when 
the asset is brought into use the useful lives of the assets held by the group are considered to be as follows
 buildings 20 years
 plant and machinery 10 years
e inventories inventories are valued at the lower of acquisition cost and net realisable value
f trade receivables trade receivables are measured at initial recognition at fair value and are subsequently measured at 
amortised cost using the effective interest rate method appropriate allowances for estimated irrecoverable amounts are 
recognised in profit or loss when there is objective evidence that the asset is impaired the allowance recognised is measured 
as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the 
effective interest rate computed at initial recognition 
g financial instruments financial assets and liabilities are recognised on the group’s balance sheet when the group becomes 
a party to the contractual provisions of the instrument 
 trade receivables
 trade receivables are measured at initial recognition at fair value and are subsequently measured at amortised cost using the 
effective interest method appropriate allowances for estimated irrecoverable amounts are recognised in profit or loss when 
there is objective evidence that the asset is impaired the allowance recognised is measured as the difference between the 
asset’s carrying amount and the present value of estimated future cash flows discounted at the effective interest rate 
computed at initial recognition
 cash and cash equivalents
 cash and cash equivalents comprise cash on hand and demand deposits and other shortterm highly liquid investments that 
are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value 
  28 renewable power  light plc • annual report 2006
1 significant accounting policies continued
 financial liabilities and equity
 financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered 
into an equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all  
of its liabilities
h impairment of tangible assets at each balance sheet date the group reviews the carrying amounts of its tangible assets 
to determine whether there is any indication that those assets have suffered an impairment loss if any such indication exists 
the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss if any where the 
asset does not generate cash flows that are independent from the other assets the group estimates the recoverable amount 
of the cashgenerating unit to which the asset belongs 
 recoverable amount is the higher of the fair value less costs to sell and value in use in assessing value in use the estimated 
future cash flows are discounted to their present value using a pretax discount rate that reflects current market assessments 
of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not  
been adjusted
 if the recoverable amount of an asset is estimated to be less than its carrying amount the carrying amount of the asset is 
reduced to its recoverable amount an impairment loss is recognised as an expense immediately
 where an impairment loss subsequently reverses the carrying amount of the asset is increased to the revised estimate of its 
recoverable amount but so that the increased carrying amount does not exceed the carrying amount that would have been 
determined had no impairment loss been recognised for the asset in prior years a reversal of an impairment loss is 
recognised in income immediately
i revenue recognition revenue is measured at the fair value of the consideration received or receivable in accordance with 
the relevant agreementscontracts and represents the amounts receivable for goods and services provided in the normal 
course of business net of discounts vat and other applicable taxes
 interest income is accrued on a time basis by reference to the principal outstanding and at the effective interest rate 
applicable which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial 
asset to that asset’s net carrying value
j provisions provisions are recognised when the group has a present obligation as a result of a past event and it is probable 
that the group will be required to settle that obligation provisions are measured at the directors’ best estimate of the 
expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect 
is material
k sharebased payments the group has applied the requirements of ifrs 2 sharebased payment 
 the group issues equitysettled and cashsettled sharebased payments to certain employees equitysettled share based 
payments are measured at fair value excluding the effect of nonmarket based vesting conditions at the date of grant the 
fair value determined at the grant date of the equitysettled sharebased payments is expensed on a straightline basis over 
the vesting period based on the group’s estimate of the shares that will eventually vest and adjusted for the effect of non
market based vesting conditions
 fair value is measured by use of the blackscholes model the expected life used in the model has been adjusted based on 
management’s best estimate for the effects of nontransferability exercise restrictions and behavioural conditions
n otes to the f inancial s tate ments continued 29 renewable power  light plc • annual report 2006
1 significant accounting policies continued
l income tax the tax expense represents the sum of the tax currently payable and deferred tax the tax currently payable is 
based on the taxable result for the period taxable profit differs from net profit as reported in the income statement because 
it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are 
never taxable or deductible 
 the company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the 
balance sheet date deferred taxation is provided in full on all temporary differences which result in an obligation to pay more 
tax or a right to pay less tax in the future at rates which are expected to apply when they crystallise based on current tax 
rates and applicable law deferred tax assets are recognised only to the extent that it is more likely than not that there will  
be suitable taxable profits from which future reversals of the underlying differences can be deducted 
m critical accounting estimates and judgements 
 critical judgements in applying the group’s accounting policies
 in the process of applying the group’s accounting policies which are described above management has made the following 
judgements that have the most significant effect on the amounts recognised in the financial statements
 fair value of the assets acquired with the acquisition of the subsidiaries
 as described in note 3 the group acquired power city partners on 14 december 2006 at this date as required by ifrs 3 
business combination it considered the fair value of the assets acquired due to the nature of the assets a third party 
engineering firm was used to provide this valuation the directors reviewed the assumption and basis used in this valuation  
to confirm the valuation was appropriate
 key sources of estimation uncertainty
 the key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date  
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the  
next financial year are discussed below
 asset retirement provision
 the assets and liabilities acquired on the purchase of the subsidiary included a provision relating to a legal requirement to 
remove the physical assets from the site at the end of the lease and return of the site to the original condition again a  
third party aec engineering inc was used to determine the probable cost of performing this work the resulting value  
was included in the acquisition balance sheet 30 renewable power  light plc • annual report 2006
2 segmental information
segmental information about business units is presented below
business segments
for management purposes the group is currently organised into two divisions – power plants operations and refinery 
operations these divisions are the basis on which the group reports its primary segment information
segment information about these businesses is presented below
       period ended 31 december 2006
      power plant  refinery 
      operations operations unallocated total
      ’000 ’000 ’000 ’000
revenue
external sales      124 – – 124
total revenue      124 – – 124
result
segment result      6 – 1607 1601
investment income         112
finance cost         15
loss before tax         1504
taxation charge         –
loss after tax attributable to equity holders of parent        1504
       31 december 2006
      power plant  refinery 
      operations operations unallocated total
      ’000 ’000 ’000 ’000
segment assets      29189 8646 44526 82361
segment liabilities      4002 – 4456 8458
net assets         73903
       31 december 2006
      power plant  refinery 
      operations operations unallocated total
      ’000 ’000 ’000 ’000
capital expenditure on property plant and equipment
additions      5427 8646 – 14073
acquired on acquisition of subsidiaries      19510 – – 19510
depreciation on acquisition of subsidiaries      70 – – 70
geographical segments
the group has one geographical segment being the usa
n otes to the f inancial s tate ments continued 31 renewable power  light plc • annual report 2006
3 business combinations 
rpl holdings inc a wholly owned subsidiary of renewable power  light plc was formed and registered in the united states  
of america on 28 june 2006 as rpl holdings llc with an authorised share capital of 1 comprising of 1000 ordinary shares of 
001 each of which 100 ordinary shares were issued 
on 1 november 2006 rpl holdings llc converted to a corporation and became rpl holdings inc
on 14 december 2006 rpl holdings inc acquired 100 of power city generating inc and 10 of power city partners lp for 
consideration of 185m power city generating inc owns the remaining 90 of power city partners lp and thus as a group 
100 of power city partners lp is owned
 
        net book 
        value fair value
        ’000 ’000
net assets at the date of acquisition based on 100 voting equity acquired
property plant and equipment        10 19510
inventories        – 1800
trade receivables        1254 1254
prepayments        15 15
cash        – –
trade payables        1626 1626
accrued expenses        1238 1238
provision        1200 1200
net identifiable assets and liabilities        2785 18515
consideration         18515
satisfied by
cash         14515
promissory notes         4000
         18515
if the acquisition of these two entities had been completed on the first day of the financial period the group revenues for the 
period would have been 246m and the group loss attributable to equity holders of the parent would have been 038m 
4 sharebased payments 
the company has a share option scheme for all employees options are exercisable at a price equal to the average quoted 
market price of the company’s shares on the date of grant the vesting period is three years if the options remain unexercised 
after a period of five years from the date of grant the options expire options are forfeited if the employee leaves the company 
before the options vest
 
       period ended  
       31 december 2006
         weighted 
        number avg 
        of share exercise 
         options price 
granted during period        5345000 149 
outstanding at the end of the period        5045000 
exercisable at the end of the period        –  32 renewable power  light plc • annual report 2006
4 sharebased payments continued
the options outstanding at 31 december 2006 had a weighted average exercise price of 149 and a weighted average 
remaining contractual life of five years in 2006 options were granted on 13 november 2006 options forfeited in 2006  
equal 300000 the aggregate of the estimated fair values of the options granted on that date is 24m 
the inputs into the blackscholes model are as follows 
         period ended 
         31 december 
         2006
weighted average share price         137 
weighted average exercise price         149 
expected volatility         350 
expected life         5 years 
risk free rate         471 
expected dividends         0 
expected volatility was determined by using the historical average of similar startup companies the expected life used in the 
model has been adjusted based on management’s best estimate for the effects of nontransferability exercise restrictions and 
behavioural considerations 
the company recognised total expenses of nil related to equity settled sharebased payment transactions in 2006 
5 personnel expenses
         period ended 
         31 december 
         2006
         ’000
wages and salaries         185
social security contributions         14
         199
number of employees
         period ended 
         31 december 
         2006
managers         3
middle managers         1
white collar employees         1
blue collar employees         7
         12
n otes to the f inancial s tate ments continued 33 renewable power  light plc • annual report 2006
6 directors’ remuneration
       period ended  
       31 december 2006
        board
        compensation total
        ’000 ’000
michael g reynolds        16 16
david m lewis        3 3
donald l verbick        – –
timothy p hunstad        – –
david e pinkman        10 10
mark r draper        12 12
alexander s lambie        12 12
victor j fryling        12 12
        65 65
7 loss from operations
the operating loss is stated after chargingcrediting
       note  ’000
depreciation       12  70
auditors’ remuneration – audit         48
foreign exchange gains         107
in addition auditors received fees of 254000 in relation to their role as reporting accountant for the admission to aim  
and related funding there were also tax fees in relation to the ipo of 142000 these fees have been deducted from the  
share premium 
8 investment income
         period ended 
         31 december 
         2006
         ’000
bank interest         112
         112
investment income is the interest earned on the money market account at wells fargo bank minneapolis minnesota  
the interest rate varies by day pending market rates 
9 finance costs
         period ended 
         31 december 
         2006
         ’000
other interest expense         15
         15 34 renewable power  light plc • annual report 2006
10 income tax 
       period ended  
       31 december 2006
         ’000
reconciliation of effective tax rate
loss before tax         1504
income tax at standard rate        30 451
creation of tax losses         451
tax for the period         –
a deferred tax asset has not been recognised in respect of timing differences relating to carried forward tax losses as there is 
insufficient evidence that the asset will be recovered 
11 loss and net assets per share
basic loss per share
the calculation of basic loss per share for the period ended 31 december 2006 has been determined as the net loss after tax 
divided by the weighted average number of equity share outstanding during the period
         period ended 
         31 december 
         2006
         ’000
net loss attributable to ordinary shareholders
net loss attributable to ordinary shareholders        1504
number of ordinary shares in thousands of shares
issued ordinary shares at the beginning of the period        –
weighted average number of ordinary shares in thousands of shares
issued ordinary shares at the end of the period        85843
weighted average number of ordinary shares during the period       31810
basic loss per share         005
the only potentially dilutive shares were the share options these shares are antidilutive as they would decrease the loss  
per share there is therefore no difference between the basic loss per share and diluted loss per share for the period
diluted loss per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number  
of ordinary shares outstanding during the period adjusted for the effects of all potentially dilutive shares 
net assets per share
         31 december 
         2006
         ’000 
net assets per share
net assets attributable to shareholders         73903
basic weighted average of ordinary shares in thousands of shares       31810
diluted potential shares in thousands of shares        32405
basic net assets per share         2323
diluted net assets per share         2281
n otes to the f inancial s tate ments continued 35 renewable power  light plc • annual report 2006
12 property plant and equipment
       assets in 
     land and plant and course of fixtures
     buildings equipment construction and fittings total
     ’000 ’000 ’000 ’000 ’000
cost
additions     648 4764 8646 15 14073
acquired on acquisition of subsidiaries     2710 16800 – – 19510
at 31 december 2006     3358 21564 8646 15 33583
depreciation
depreciation charge for the period     7 63 – – 70
at 31 december 2006     7 63 – – 70
net book value
at 31 december 2006     3351 21501 8646 15 33513
13 investments in subsidiary undertakings
as at 31 december 2006 renewable power  light plc had the following subsidiaries 
  proportion of 
  ordinary shares held 
  by the company
subsidiary principal activity 
rpl holdings inc incorporated in the us independent power producer 1000
as of 31 december 2006 rpl holdings inc had the following subsidiaries  
all incorporated in the usa 
power city generating gp independent power producer 1000
power city partners lp independent power producer 900
the profit attributable to each of the subsidiaries for the period consolidated in the financial statements and the net assets at 
31 december 2006 are as follows
         net assets 
        profit for as at 
        the period 31 december 
        consolidated 2006
        ’000 ’000
rpl holdings inc        424 314
power city partners lp        70 18578
power city generating gp        – –
14 inventories
         31 december 
         2006
         ’000
raw materials         16
spare parts         2990
         3006 36 renewable power  light plc • annual report 2006
15 trade and other receivables
        company group
        31 december 31 december 
        2006 2006
        ’000 ’000
trade receivables acquired from business combinations       – 1254
other receivables        380 –
prepayments        250 265
intercompany receivables        73380 –
        74010 1519
credit risk management
the group had only a single customer in 2006
management performs ongoing credit evaluation of its customers and it is involved in the daytoday credit collection activity
16 nontrade receivables
         31 december 
         2006
         ’000
receivable from alliance energy for preclosing costs        503
receivable for refund of vat         370
other nontrade receivables         10
         883
17 share capital and reserves 
renewable power  light plc was incorporated on 15 may 2006 under the name orbitpilot public limited company and 
subsequently changed its name to renewable power  light plc on 9 june 2006 the company was incorporated with an 
authorised share capital of £100000 comprising 100000 ordinary shares of £1 each of which 2 were issued 
pursuant to an ordinary resolution of the company passed on 1 june 2006 the ordinary shares were subdivided into 
10000000 ordinary shares of 1p each and the authorised share capital increased from £100000 to £1m by the creation  
of 90000000 ordinary shares of 1p each
pursuant to an ordinary resolution of the company passed on 16 october 2006 the authorised share capital was further 
increased to £100m divided into 10000000000 ordinary shares of 1p each
in august 2006 the company issued 28700000 ordinary 1p shares for gross proceeds of 466m 
on 14 december 2006 the company listed on aim as part of the listing the company issued 57142858 ordinary 1p shares 
for gross proceeds of 7805m
n otes to the f inancial s tate ments continued 37 renewable power  light plc • annual report 2006
17 share capital and reserves continued
      share share retained
      capital premium losses total
      ’000 ’000 ’000 ’000
net loss for the year      – – 1504 1504
credit to equity for share based payments      – – 110 110
proceeds from share issue      1646 76402 – 78048
professional fees attributable to ipo      – 2751 – 2751
balance at 31 december 2006      1646 73651 1394 73903
company share capital and reserves
      share share retained
      capital premium losses total
      ’000 ’000 ’000 ’000
net loss for the year      – – 1080 1080
proceeds from share issue      1646 76402 – 78048
professional fees attributable to ipo      – 2751 – 2751
balance at 31 december 2006      1646 73651 1080 74217
the loss attributable for the financial period dealt with in the financial statements of the parent company was 108m as 
permitted by s230 of the companies act no separate profit and loss account is presented in respect of the parent company
18 interestbearing loans and borrowings
         31 december 
         2006
         ’000
noncurrent liabilities
promissory note         2000
         2000
current liabilities
promissory note         2000
         2000
the promissory note was incurred for the acquisition of power city partners lp and power city generating gp it is a two year 
note with quarterly instalments of 500000 
       at 31 december 2006
     1 year or less 1–2 years total interest rate payment
terms and debt repayment schedule     ’000 ’000 ’000  frequency
promissory note     2000 2000 4000 8 monthly
     2000 2000 4000 38 renewable power  light plc • annual report 2006
18 interestbearing loans and borrowings continued
the exposure of the borrowings of the group to interest rate changes and the periods in which the borrowings reprice or 
mature are as follows
       31 december 2006
       1 year or less 1–2 years  total
       ’000 ’000 ’000
total borrowings       2000 2000 4000
the weighted average effective interest rates at the balance sheet date were as follows
         31 december 
         2006
         
promissory note         8
         8
the directors’ estimate of the fair values of the group’s borrowings were as follows
         31 december 
         2006
         ’000
promissory note         4000
         4000
19 provisions 
         31 december 
         2006
         ’000
asset retirement obligation on acquisition of subsidiary        1200
         1200
the asset retirement provision represents the obligation to return the site of the massena power plant to its original condition 
on expiration of the lease the provision has been calculated based on information provided to renewable power  light plc  
by its independent engineers aec engineering inc 
20 trade and other payables
         31 december 
         2006
         ’000
trade payables         3240
         3240
n otes to the f inancial s tate ments continued 39 renewable power  light plc • annual report 2006
21 financial commitments
the group has a financial commitment in respect of the acquisition of a biodiesel power plant of the total commitment  
of 2368m 865m has been paid and is capitalised within assets under construction 
the remaining commitment will be settled subject to the seller’s achievement and the group’s acceptance of a number  
of milestones as established in a contract between the two parties
22 reconciliation of profit from operations to net cash from operating activity
consolidated cash flow statement
         period ended 
         31 december 
         2006
loss from operations         1504
adjustments for
depreciation of property plant and equipment        70
ifrs 2 charge         110
operating cash flows before movement in working capital       1324
increase in inventories         1206
increase in receivables         1257
increase in payables         511
cash generated from operations         3276
interest paid         15
net cash from operating activities         3291
company cash flow statement
         period ended 
         31 december 
         2006
loss from operations         1080
operating cash flows before movement in working capital       1080
increase in receivables         74010
cash generated from operations         75090
net cash from operating activities         75090 40 renewable power  light plc • annual report 2006
23 financial instruments
the group’s financial instruments comprise cash balances and various items such as trade creditors and trade debtors  
that arose from the normal course of business
risk management
the board is charged with managing the various risk exposures including those which arose through holding  
financial instruments
currency risk
currency exposure from holding cash in sterling is not considered to be material
interest rate risk
the exposure to interest rate risk is considered to be insignificant to the group’s overall operations at the year end the  
group had no finance lease obligations or overdrafts or loans the interest rate on the promissory notes is fixed at 8
liquidity rate risk
the group’s approach to liquidity risk is to ensure that sufficient liquidity is available to meet foreseeable requirements  
and to invest funds securely and profitably
fair values
in the opinion of the directors there is no material difference between the fair value and the book value of financial assets  
and financial liabilities
24 related party transactions
the company entered into an agreement for the provision of senior management and business development services with 
renewable power  light services inc ‘rpl services’ in november 2006 which had effect from 6 june 2006 rpl services  
is wholly owned by david lewis the chief executive officer of the company 
under the terms of the agreement the company is required to pay a minimum of 24000 per annum to rpl services in 
respect of services rendered under that agreement in the period to 31 december 2006 £102m was paid to rpl services  
and recognised in the profit or loss of the company at 31 december 2006 a debtor balance of 250000 relating to  
prepaid expenses was held between the company and rpl services 
25 subsequent events 
the company made the following significant payments in 2007 
• 600k to procor for railcar deposit
• 17 million to imtt for terminal improvements for palm oil shipments
26 foreign currency exchange rates
the financial information disclosed within these financial statements has been reported in us dollars as this is considered to  
be the functional currency of the group the foreign exchange rate to convert from us dollars to pounds sterling ruling at the 
period end was 051 and the average rate during the period was 053
n otes to the f inancial s tate ments continued 41 renewable power  light plc • annual report 2006
notice is hereby given that the annual general meeting of renewable power  light plc will be held at the offices  
of fox williams llp ten dominion street london ec2m 2ee at 1030 am on 15 june 2007 to transact the following  
business which will be proposed as ordinary or special resolutions below
ordinary resolutions
 1 to receive the audited financial statements of the company for the financial period ended 31 december 2006  
and to receive the directors’ report and the auditors’ report thereon
 2 to reelect mr d m lewis who has been appointed as a director since 6 june 2006
 3 to reelect mr d l verbick who has been appointed as a director since 6 june 2006
 4 to reelect mr m g reynolds who has been appointed as a director since 2 november 2006
 5 to reelect mr t p hunstad who has been appointed as a director since 2 november 2006
 6 to reelect mr d e t pinkman who has been appointed as a director since 2 november 2006
 7 to reelect mr m r draper who has been appointed as a director since 2 november 2006
 8 to reelect mr a s lambie who has been appointed as a director since 2 november 2006
 9 to reelect mr v j fryling who has been appointed as a director since 2 november 2006
10 to reappoint mazars llp as auditors of the company
11 to authorise the directors of the company to fix the remuneration of the auditors
12 that the directors be and they are hereby generally and unconditionally authorised for the purposes of section 80 of the 
companies act 1985 the ‘act’ to exercise all the powers of the company to allot relevant securities within the meaning  
of section 802 of the said act up to an aggregate nominal amount of £35044352 being the sum of i onethird of the 
aggregate nominal value of the ordinary share capital in issue and ii the nominal value of ordinary shares which could  
be allotted on the exercise of outstanding options to such persons at such times and on such terms as the directors think 
proper the authorities conferred by this resolution to expire at the conclusion of the next annual general meeting of the 
company save that the company shall be entitled to make prior to the expiry of such authority any offer or agreement 
which would or might require relevant securities to be allotted after the expiry of such authority and the directors may allot 
any such securities pursuant to such offer or agreement as if such authority had not expired and all prior authorities to allot 
relevant securities be revoked but without prejudice to the allotment of any relevant securities already made or to be made 
pursuant to such authorities
n otice of a nnual gene ral meetin g
r enewable power  l ight plc 42 renewable power  light plc • annual report 2006
special resolution
13 that subject to the passing of resolution 12 above the directors of the company be granted power pursuant to section 95 
of the act to allot equity securities within the meaning of section 942 to section 943a of the act wholly for cash 
pursuant to the authority conferred on them by resolution 2 above for the duration of that authority as if section 891  
of the act did not apply to any such allotment provided that this power shall be limited to
a the allotment of equity securities in connection with a rights issue open offer or other offer of securities in favour of 
the holders of ordinary shares in the company on the register of members at such record dates as the directors of the 
company may determine and other persons entitled to participate therein where the equity securities respectively 
attributable to the interests of the ordinary shareholders are proportionate as nearly as may be to the respective 
numbers of ordinary shares in the company held or deemed to be held by them on any such record dates which shall 
include the allotment of equity securities to any underwriter in respect of such issue or offer subject to such exclusions 
or other arrangements as the directors of the company may deem necessary or expedient to deal with fractional 
entitlements or legal or practical problems arising under the laws of any overseas territory or the requirements of any 
regulatory body or stock exchange or by virtue of shares being represented by depositary receipts or any other matter 
whatever and
b the allotment to any person or persons of equity securities up to an aggregate nominal amount of £21460764 
representing 25 of the aggregate nominal value of the ordinary share capital of the company in issue
 provided that the company may before such expiry make any offer or agreement which would or might require securities 
to be allotted after such expiry and the board may allot securities pursuant to any such offer or agreement as if the power 
conferred had not expired and all prior powers granted under section 95 of the act shall be revoked provided that such 
revocation shall not have retrospective effect
 this power applies in relation to a sale of shares which is an allotment of equity securities by virtue of section 943a of the 
act as if in the first paragraph of this resolution the words ‘pursuant to the authority conferred on them by resolution 12 
above’ were omitted
by order of the board
michael reynolds • chairman 
registered office 
9 queen street
london w1j 5pe
united kingdom 
 
26 april 2007
n otice of a nnual gene ral meetin g continued
r enewable power  l ight plc 43 renewable power  light plc • annual report 2006
notes to the notice of agm
1 a member entitled to attend and vote at the meeting may appoint a proxy to attend and on a poll to vote in his place  
the proxy need not be a member of the company 
2 a form of proxy is enclosed with this notice the instrument appointing a proxy together with any power of attorney or 
other authority under which it is executed or a duly certified copy of such a power must be deposited with the company’s 
registrars computershare investor services plc the pavilions bridgwater road bristol bs13 8fb united kingdom not less 
than 48 hours before the time of the meeting or adjourned meeting as the case may be a corporation may execute a proxy 
under its common seal or by the hand of a duly authorised officer or other agent completion and return of the form of 
proxy will not preclude shareholders from attending and voting in person at the meeting
3 pursuant to regulation 41 of the uncertificated securities regulations 2001 entitlement to attend and vote at the meeting 
and the number of votes which may be cast thereat will be determined by reference to the register of members of the 
company at close of business on 13 june 2007 the day which is two days before the day of the meeting changes to entries 
on the register of members after that time shall be disregarded in determining the rights of any person to attend and vote 
at the meeting 44 renewable power  light plc • annual report 2006
n ot e s new je rsey u sa
the elmwood park plant is a 65 mw 
co mbined cycle dual fuel facility t he 
plant beg an co mmercial o peratio ns in 
1989 and so ld power to jersey central 
power and lig ht until 2005
new yo rk u sa
the massena power plant is an 85 mw 
co mbined cycle dual fuel facility t he 
plant was first co mmissio ned in 1994 
and will prod uce power using biodi esel
new yo rk u sa
renewable power  lig ht will use 
the biodi esel prod uced in its facility 
to supply i ts power plants thereby 
reducing the cost o f fuel and the 
risk o f interruptio n to the supply  
o f biodi esel
renewable power  light plc ‘rpl ’ or ‘the company’ 
was established in 2006 as an independent power 
producer generating renewable power the company 
which listed on aim in december 2006 currently 
owns two dual fuel power plants in the northeastern 
united states which are being repermitted to use 
biodiesel as a fuel
wwwrplplccom
renewable power  light plc uk
massena power plant elmwood park power plant biodiesel production facility renewable power  light
head office
9 queen street
mayfair london w1j 5pe
england
 
investorsrplplccom
tel 44 0 20 7659 6642
fax 44 0 20 7659 6643
 
renewable power  light services inc
1030 540 – 5th ave sw
calgary ab t2p 0m2
canada
 
tel 1 403 262 5510
 
rpl holdings inc
601 carlson parkway suite 760
minnetonka mn 55305
usa
 
tel 1 952 746 0390
turning unique ideas
into renewable energy
annual report 2006
renewable power  light plc annual report 2006
wwwrplplccom


Summary:
 02 renewable power  light plc • annual report 2006
rpl was established in 2006 as an independent power producer generating ‘green’ 
or renewable power in december 2006 the company completed a successful listing 
of its shares on aim raising us78m £40m to fund the acquisition of two power 
plants in the us repermitting them to run on biodiesel and the construction of 
biodiesel refining handling and storage facilities in the northeastern us 
since the company’s incorporation we have put in place an experienced 
international management team completed a successful ipo and acquired  
two power plants in q1 2007 we have recommissioned elmwood park  
and successfully test burned biodiesel at massena and have progressed  
the construction of our biodiesel refining plant
results
given that the company acquired its two power plants on 14 december 2006  
no trading revenue was generated from power plant operations in 2006
revenue for the period was us124000 as a result of payments received from the 
new york independent system operator nyiso these are capacity payments that 
the company receives as a matter of course to ensure that if required rpl is in a 
position to produce and deliver power to the local grid the operating loss was 
us1601000 primarily as a result of our administrative costs this led to a loss 
before tax of us1504000
the company has a strong balance sheet with total assets of us824m  
net cash at the yearend was us434m cash and cash equivalents
chai rman’s revi ew
michael g reynolds chairman 03 renewable power  light plc • annual report 2006
dividend
as outlined at the time of our ipo the board intends first to achieve capital growth 
and in the short term to reinvest future profits in the company as a result rpl is 
unlikely to declare dividends in the foreseeable future due consideration will be 
given to paying dividends once the board determines it is appropriate to do so
colleagues
it has been a very busy first year for rpl we have recruited a strong team of 
dedicated professionals to deliver our business plan i would like to thank all  
my colleagues for their commitment and hard work 
outlook
we have identified an opportunity to turn existing fossil fuel power generation 
assets into renewable energy generation facilities by running these plants on 
biodiesel we are pleased to have validated this business model following our 
successful biodiesel test burn at massena we believe this is a highly repeatable 
business model and as such are continuing to identify and review opportunities to 
acquire further power plants and source additional supplies of biodiesel feedstock 
michael g reynolds • chairman
26 april 2007
the company completed a successful listing of  
its shares on aim raising £40m to fund principally 
the acquisition of two power plants in the us 
modify them to run on biodiesel and construct  
a biodiesel facility in the northeastern us