23rd Mar 2015 09:34
LONDON (Alliance News) - The Renewables Infrastructure Group Ltd Monday said it has expanded its portfolio to 30 project investments with about 446 megawatts of aggregate installed capacity by buying the 7.2 megawatt capacity Four Burrows Solar Park in Cornwall, South-West England.
The company is buying Four Burrows for about GBP8.6 million in cash plus working capital from Renewable Energy Systems. It had a "right of first offer" deal with the seller. It funded the deal by a drawn-down of its GBP120 million revolving acquisition facility.
The project has been operational since January 2015 and has a 25-year operational life. The acquisition price is subject to adjustment should the project not qualify as expected for accreditation under the UK's 1.4 renewables obligation certificates per megawatt hour renewables support mechanism.
Renewables Infrastructure Group shares were flat at 103.28 pence Monday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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