Renewable Energy Generation Limited (REG) has sold its entire business to a fund managed by BlackRock that values the company's equity before exit costs, at £64.5 million (US$97.8 million).
As at 18 June 2015, the Group had 34.7MW of operating wind plant, 0.8MW of projects under construction and 42 MW of consented projects awaiting funding to construction.
The 34.7MW of operational wind power sites generated a revenue of approximately £9.1 million in the year ended 30 June 2015 with an EBITDA of £7.0 million.
The transaction was announced by the REG's Board on 9 October 2015 and later, on 2 December the Board announces thatthe company has accepted the offer, subject only to shareholder approval. It is structured through two inter-conditional sale and purchase contracts: