ReNu Energy Limited announced that Mr. Greg Watson, former Chief Financial Officer (CFO), has been appointed CEO effective 28 February 2020. Mr. Tony Louka who was serving as interim Managing Director and CEO since September 2019 will return to his previous position as a Non Executive Director of the Company. Mr. Watson joined ReNu Energy in September 2019 in the position of CFO and Company Secretary.

He worked closely with Mr. Louka on the completion of the sale of the solar business, the restructure of the Group's cost base, the appointment of Mr. Scholefield as Executive Director responsible for overseeing the geothermal remediation and the transfer of the bioenergy services agreements to Hydroflux Utilities Pty Ltd. Due to increased international commitments, the Company's Chairman, Mr. Steve McLean has advised his intention to retire from the ReNu Energy Board prior to 30 June 2020. Mr. McLean will be re-locating to the United Kingdom and has decided that it will not be feasible for him to maintain his non-executive board role while living abroad. In anticipation of his departure Mr. McLean will step down from his position of Chairman, with the Board resolving to appoint Mr. Boyd White as Chairman effective 28 February 2020.

At this point in time the Board will not be filling the vacancy left by Mr. McLean's departure. However, as the Company continues to evaluate corporate combination and renewable energy development opportunities, the Board composition will be reviewed as appropriate. This market announcement has been authorised for release to ASX by the Board of Directors.

The Board considers that the Company has sufficient financial expertise to oversee its current operations and will not be seeking to appoint a new CFO at this point in time with those functions being carried out by the CEO.