Renewable Energy Generation sells UK solar project to Blackrock

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Renewable Energy Generation sells UK solar project to Blackrock

Renewable Energy Generation Limited, the renewable energy group, announced last week the sale of its 4.5MW ground-mounted solar project at Goonhilly Downs in Cornwall to a fund managed by BlackRock for an upfront consideration of £5.0 million and contingent deferred consideration of up to £0.7 million.

The scheme, located adjacent to the long-standing REG-operated wind farm, was constructed by juwi Renewable Energies Ltd and has been successfully accredited under the Feed-in Tariff regime. This sale is the third such transaction under REG's ongoing partnership with BlackRock established in 2013.

REG will continue to manage the solar farm under a long-term asset management agreement and proceeds of the sale will be reinvested in REG's pipeline of consented renewable assets.

Andrew Whalley, REG's Chief Executive Officer, said:

"Our relationship with BlackRock continues to generate shareholder value for REG, with our well-managed renewable energy projects remaining attractive investments."

Renewable Energy Generation Ltd (REG) is an AIM listed 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 currently operates 11 wind projects in Cambridgeshire, Cornwall, County Durham, Yorkshire, Lancashire, Cumbria and Gwynedd, with a total capacity of 34.7MW as well as 3 projects on behalf of its partner BlackRock totalling 28MW. REG also has around 200MW of projects in the planning system awaiting consent.

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