Renewable Energy Holdings plc (REH.L) said it entered into a binding sale and purchase agreement relating to the proposed disposal of its 1MW landfill gas asset, Bryn Posteg, located in Mid Wales to Sundorne Products (Llanidloes) Limited. The aggregate consideration due to REH is payable in cash for up to £2.75 million.
The aggregate consideration is structured as £2.0 million payable no later than 31 March 2010; and an additional amount up to £750 thousand, payable in the event that Sundorne realises revenue in excess of the current 1MW electrical connection from the gas arising out of the landfill site.
The proceeds of the Disposal are intended to be used for general working capital purposes.
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