Southampton: Bond Dickinson advises REG on £25m sale of wind farm

Lawyers at Bond Dickinson have advised long-standing client Renewable Energy Generation (REG), the leading UK renewable energy group, on the sale of its 12 MW operational wind farm at Goonhilly Downs in Cornwall to a fund managed by BlackRock. 

The transaction sees REG receiving net cash proceeds of £10.6 million, with BlackRock assuming project debt of £14.5m. REG will continue to manage operations at the wind farm.

Energy partner Sebastian Briggs, who is based at the firm's Southampton office, led the team who advised REG on this sale. He was supported by Stephen Ryde-Weller, Carly Holt, Luke Gabb, Helen Rumford and Duncan Tilney.

Briggs commented: "We are delighted to have worked with REG on this new deal. This sale is a clear sign of the strength of the partnership between REG and BlackRock, which launched in January this year."

Andrew Whalley, REG CEO, commented: "We are delighted with the sale of Goonhilly to BlackRock. This was the first wind project bought by REG back in 2005 and with its successful repowering we have created significant value for shareholders. REG will continue to manage the project on behalf of BlackRock including oversight of the important Goonhilly Community Fund which has done so much in supporting local initiatives. It was great to work again with the Bond Dickinson team on this deal, who continue to impress us with the quality of their client service and their renewables expertise."

This sale is the next step in the long-term strategic partnership between REG and BlackRock, which was established in January this year with the sale of the wind farms at Sancton Hill and South Sharpley, which Bond Dickinson also advised on.