Renewable Energy Generation Limited (WIND.L) announced the sale of its 10MW St.Breock and 8MW Ramsey II wind farm projects to a fund managed by BlackRock for a total enterprise value of 36 million pounds.
BlackRock will assume project debts of 21 million pounds, once fully drawn, and Renewable Energy will receive upfront cash consideration of 13.1 million pounds, with a further 1.9 million pounds payable following commissioning of the projects in 2015. Renewable Energy Generation will oversee construction of the projects under a Construction Management Agreement and once operational, will operate the projects on behalf of BlackRock.
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