UK-based Renewable Energy Generation Ltd. has sold its 10-megawatt Denzell Downs wind farm project to BlackRock Renewable Income UK, a fund managed by BlackRock for £24.4m (US$38 million).
REG will continue to oversee construction and operation of the project. REG will receive upfront cash consideration of £10.5m, with a further £3.9m payable following commissioning of the scheme, anticipated to be in early 2016 and will recognise an initial £11m of profit on the sale. The proceeds of the sale will be reinvested in REG’s pipeline of consented renewable assets. Construction funding will be provided by BlackRock.