Law company Bond Dickinson advised Renewable Energy Generation (REG) on the sale of the developer’s wind and solar farm portfolio to a fund managed by US investment giant BlackRock.
The £64.5m acquisition included 34.7MW of operational wind farms, a further 42MW of consented projects and a 2.6MW operational solar scheme in Cornwall.
Bond Dickinson’s Sebastian Briggs led the team that advised REG. The deal was worked on by lawyers from the corporate, capital markets, banking, tax, real estate, planning, commercial and construction teams at the law firm.
The transaction was completed in December after shareholder approval and REG was delisted from the AiM share index in January and put into liquidation. The net cash proceeds of the sale were returned to REG’s shareholders.
REG’s transferred further assets – which were not in the development or construction phases – to REG Power Management Ltd. It has construction management agreements with BlackRock to complete the construction of consented assets.
Bond Dickinson’s Sebastian Briggs said: “This has been a transformational transaction for REG and reflects the significant changes currently impacting the UK renewables industry. We are pleased to have supported REG in this development.”
Image: Wind turbines (MorgueFile)
Bond Dickinson leads REG sale
Law company advises on sale of REG to US investment giant BlackRock
By EBS