LONDON--Renewable Energy Generation Ltd (WIND.LN), said Monday
it has sold its 12 mega watts or MW operational wind farm at
Goonhilly Downs in Cornwall to a fund managed by BlackRock, for a
total consideration of 25.1 million pounds.
MAIN FACTS:
-Under the agreement, BlackRock will assume project debt of
GBP14.5 million, REG receiving net cash proceeds of GBP10.6
million.
-Under the terms of its existing Asset Management Agreement with
BlackRock, Renewable Energy will continue to manage operations at
the wind farm.
-Renewable Energy currently has 38MW of projects with planning
consents as well as 140MW of projects awaiting determination. The
proceeds of the sale, together with Renewable Energy's existing
funds, will be employed in moving both existing and new consents to
construction as quickly as possible, accelerating the growth of the
Company and maximizing returns to shareholders.
-Renewable Energy shares at 0850 GMT traded up 1.0 pence, or
1.4%, at 72.0 pence, valuing the company at GBP73.5 million.
-Write to Razak Musah Baba at razak.baba@wsj.com
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