3 October 2012
Renewable Energy Generation Ltd
REG completes project financing of two UK wind farms
Renewable Energy Generation Limited ("REG") (AIM: WIND), the UK renewable energy group, today announces that it has completed the project financing of two wind farms; Sancton Hill (10MW) and South Sharpley (6MW).
The project financing is for £16m repayable over 10 years at an all in rate of 5.7% and is provided by The Co-operative Bank. Funds from the loan are drawn down in two tranches, £9.7m today, and £6.3m on the commercial operation date of the South Sharpley wind farm, expected to be by the end of the calendar year.
Andrew Whalley, Chief Executive Officer of REG, said: "We are very pleased to be able to maintain our relationship with The Co-operative Bank, which also provided two previous financings covering eight REG wind farms in 2011. The equity released will be reinvested in our next wave of construction projects as REG continues to expand its portfolio of renewable energy plant."
James Sutcliffe, Senior Manager at The Co-operative Bank's Renewable Energy team, said: "We are extremely pleased to be able to support REG on its latest financing and look forward to working with the company again as it continues to develop its portfolio of renewable energy projects."
Renewable Energy Generation will announce its full year results for the year ended 30 June 2012 on Monday 15 October 2012.
There will be a presentation to analysts in the offices of City Profile on the day of the results, starting at 9.30am. The address for City Profile is Augustine House, 6A Austin Friars, London, EC2N 2HA.
Renewable Energy Generation Limited
Andrew Whalley, Chief Executive Officer
David Crockford, Finance Director
Ian Lawrence, Communications Manager
+44 (0)1483 901 790
Smith & Williamson Corporate Finance Limited
Nick Reeve/Martyn Fraser
+44 (0)117 376 2213
Cenkos (Corporate Broker)
Bobbie Hilliam/Max Hartley
+44 (0)20 7397 8900
Simon Courtenay/Abigail Genis
+44 (0)20 7448 3244
Notes to editors
Renewable Energy Generation Ltd (REG) is a UK renewable energy group. Its main business is the development, construction and operation of wind farms and generating power from refined used cooking oil.
REG Windpower: based in Truro and Bath, UK, it currently operates 11 wind projects in Cambridgeshire, Cornwall, County Durham, Yorkshire, Cumbria and Gwynedd, with a total capacity of 51.15MW and has a development pipeline of over 1,000MW.
REG Bio-Power UK Ltd: based in Nottingham, UK: it operates electricity generation plant powered by fuel recovered from used cooking oil.
Headquartered in Jersey, REG was admitted to trading on AIM, a market operated by the London Stock Exchange, in May 2005 (AIM: WIND).