Renewable Energy secures £4.8 million for bio-power plant, sells two wind farms to BlackRock

By Lisa Kerner

Charlotte, N.C., Oct. 10 – Renewable Energy Generation Ltd. signed a term loan facilities agreement with Caterpillar Financial Services.

The financing is for a total of £4.8 million and has a seven-year repayment term, according to a company news release.

Proceeds will be used to finance a 18MW bio-power plant in Yorkshire that is expected to be operational by the end of October.

“The completion of Whitemoor, the largest generating project [the company] has ever built, marks a sea-change in scale for the business,” said Renewable Energy Generation chief executive officer Andrew Whalley.

Wind farms sale

Renewable Energy Generation also announced the sale of two wind farm projects to a fund managed by BlackRock for a total enterprise value of £36 million.

BlackRock will assume project debts of £21 million, once fully drawn. Renewable Energy Generation will receive upfront cash consideration of £13.1 million, with a further £1.9 million payable following commissioning of the projects in 2015, a news release stated.

Proceeds will be reinvested into the company’s portfolio of consented projects as well as further bio-power projects.

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