Shareholders of AIM-listed Renewable Energy Generation have voted overwhelmingly in favour of a £64.5m sale of operating and consented wind and solar assets to a fund managed by Blackrock.
Today’s EGM saw 99% of votes in favour of the sale to the US investment outfit. As a result, REG will be delisted on 5 January.
REG has 34.7MW of operating wind plant, 0.8MW of projects under construction and 42MW of consented projects awaiting funding to construction. The company also owns the constructed 2.64MWp Mendennick ground-mounted solar PV scheme in Cornwall.
REG’s “rump” assets, which are not in the procurement and construction phase, will be transferred a new company owned by Manco EBT, established by the Guildford-based developer’s directors.
Manco will enter into construction management agreements with Blackrock to complete the construction of the consented assets. Manco will also enter into asset management agreements and asset investment agreements with Blackrock.
Image: St Breock wind farm in Cornwall (REG)
