Renewable Energy has sold two U.K. wind farms to BlackRock for 36 million pounds ($57.8 million).
The developer has sold its 10-megawatt St. Breock wind park located in the Cornwall and 8-megawatt Ramsey II wind farm in Cambridgeshire.
According to this agreement, BlackRock will undertake 21 million pounds of project debt. In addition, after the project starts operation next year, REG will receive 13.1 million pounds of cash with 1.9 million pounds extra to be paid.
Under an agreement, Renewable Energy will oversee construction and once operational, will operate on behalf of BlackRock through an asset management agreement.
REG will reinvest the amount for approved wind and bio-energy projects that it plans to build next year.
It has signed a loan deal with Caterpillar Financial for GBP4.8 million in financing for an 18 megawatt Bio-Power project at Whitemoor Business Park, near Selby in Yorkshire. It said the financing has a seven-year repayment term.
The Whitemoor project is in the final stages of testing and is expected to be operational by the end of October.