Renewable Energy Generation Sells 2 Wind Farms for GBP36 Million
October 10 2014 - 3:37AM
Dow Jones News
LONDON--Renewable Energy Generation Ltd. (WIND.LN) said Friday
that it has sold two wind farm projects to a fund managed by
BlackRock (BLK) for a 36 million pounds ($58.19 million).
The renewable energy company has sold its 10 megawatt St.Breock
and 8 megawatt Ramsey II wind farm projects.
Under the agreement, BlackRock will assume project debts of
GBP21 million and the company will receive up-front cash
consideration of GBP13.1 million, with a further GBP1.9 million
payable following commissioning of the projects in 2015.
Renewable Energy intends to re-invest the sale proceeds into its
portfolio of projects.
Shares of Renewable Energy at 0703 GMT flat at 67 pence.
Write to Tapan Panchal at tapan.panchal@wsj.com
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