REG’s shareholders to sell business to Blackrock

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
REG’s shareholders to sell business to Blackrock

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:

  • a conditional contract relating to the disposal of part of the group's business, comprising its operating and consented wind and solar project assets, to a fund managed by BlackRock; and
  • as a requirement of BlackRock, a second conditional contract relating to the disposal of the group's remaining business to Helium Miracle 184 Limited, a new company owned by Manco EBT, established for the benefit of the company's executive directors and members of senior management.

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.