20th Dec 2011 07:00
20 December 2011
Renewable Energy Generation Ltd
REG completes project financing of three UK wind farms
Renewable Energy Generation Limited ("REG") (AIM: WIND), the UK renewable energy group, today announces that it has completed the project financing of three operational wind farms. The projects are Goonhilly Downs (12MW), High Haswell (4MW) and Loscar (4.5MW), all constructed in 2010. The project financing is for £25m repayable in full over 15 years at an all in rate of 5.9% and is provided by The Co-operative Bank.
Andrew Whalley, Chief Executive Officer of REG, said: "We are delighted to be able to continue our relationship with The Co-operative Bank, which also provided financing for five older REG wind farms earlier this year.
"The equity released will be reinvested in new projects and REG remains firmly on track to meet its stated three-year goal of committing £100m to new UK renewable energy projects by the end of 2012."
James Sutcliffe, Senior Manager at The Co-operative Bank's Renewable Energy team, said: "We are extremely pleased to be able to support REG on its latest financing and look forward to working with the company again as it continues to develop its portfolio of renewable energy projects."
Enquiries:
Renewable Energy Generation Limited Andrew Whalley, Chief Executive Officer David Crockford, Finance Director Ian Lawrence, Communications Manager
| +44 (0)1483 901 790 |
Smith & Williamson Corporate Finance Limited (Nominated Adviser) Nick Reeve / Martyn Fraser
| +44 (0)117 376 2213 |
Evolution Securities (Corporate Broker) Garry Levin / Alex Garton / Stuart Andrews
| +44 (0)20 7071 4300 |
City Profile Simon Courtenay | +44 (0)20 7448 3244 |
Notes to editors
Renewable Energy Generation Ltd (REG) is a UK renewable energy group. Its main business is the development, construction and operation of wind farms and generating power from refined used cooking oil.
REG Windpower: based in Truro and Bath, UK, it currently operates ten wind projects in Cambridgeshire, Cornwall, County Durham, Yorkshire, Cumbria and Gwynedd, with a total capacity of 41.15MW and has a development pipeline of over 1,000MW.
REG Bio-Power UK Ltd: based in Nottingham, UK: it operates electricity generation plant fuelled by waste vegetable oil.
Headquartered in Jersey, REG was admitted to trading on AIM, a market operated by the London Stock Exchange, in May 2005 (AIM: WIND).
www.renewableenergygeneration.co.uk
Related Shares:
WIND.L