1st Jul 2014 07:44
LONDON (Alliance News) - Renewable Energy Generation Ltd said Tuesday it has sold its solar project at Goonhilly Downs in Cornwall to a fund managed by BlackRock for an upfront consideration of GBP5.0 million.
Under the terms of the deal there is also a contingent deferred consideration of up to GBP0.7 million, said the renewable energy group.
REG will continue to manage the solar farm under a long-term asset management agreement and proceeds of the sale will be reinvested in REG's pipeline of consented renewable assets.
The project is adjacent to the long-standing REG-operated wind farm and was constructed by juwi Renewable Energies Ltd, it has been successfully accredited under the Feed-in Tariff regime, said the company.
The latest sale is the third such transaction under REG's ongoing partnership with BlackRock established in 2013.
Shares in Renewable Energy Generation were Tuesday quoted 65.5 pence per share, untraded.
By Alice Attwood; [email protected]; @AliceAtAlliance
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