30th Oct 2007 16:33
Renewable Energy Generation Ltd30 October 2007 30 October 2007 Renewable Energy Generation Ltd ("REG", "the Company" or "the Group") Signing of debt facilities with Bank of Scotland Corporate for £30m Renewable Energy Generation (AIM: RWE), the developer, owner and operator ofrenewable energy projects, announces that it has entered into a general creditfacility with Bank of Scotland Corporate for £30m. This facility provides fundsfor the completion of REG's second tranche of SOP projects in Canada as well asa number of projects in the UK which are substantially advanced in the planningprocess. Andrew Whalley, CEO, says "Bank of Scotland has been REG's bankers since theCompany was launched and we have enjoyed an excellent relationship with them.Our general facility is flexible and can be drawn down as projects move out ofplanning into procurement. This allows REG to execute its strategy ofon-balance sheet financing wind projects as we continue to build out our largeproject portfolios in Canada and the UK. Once projects are operating, they arewell suited to be bundled and refinanced with lower cost long term debt. TheBank of Scotland facility has been offered at very competitive rates, testamentto REG's credibility in developing, building and operating renewable energyprojects. This facility further enhances our cash position, adding to therecently announced sale of our position in the 50MW Tymien project in Poland." Enquiries Renewable Energy GenerationAndrew Whalley, Chief Executive Officer +44 (0) 1483 400 425 Numis SecuritiesDavid Shapton/Charles Farquhar +44 (0) 207 260 1000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
WIND.L