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Renewables Infrastructure sells two wind farms for GBP51 million

Fri, 22nd Mar 2024 12:34

(Alliance News) - Renewables Infrastructure Group Ltd on Friday announced the sale of two UK onshore wind farms.

The Guernsey-based renewable energy investment company sold its 100% stake in the Scottish Forss and Little Raith assets for GBP51 million.

This represents a 4% premium from the valuation of the wind farms on December 31, and follows the sale of four other sites last year that raised GBP125 million.

Proceeds will be used to reduce debt. The company expects to reduce its revolving credit facility from GBP364 million at the end of last year to GBP150 million during 2024.

The Forss and Little Raith projects, which have a total generation capacity of 32 megawatts, have been owned and operated by Renewables Infrastructure since 2013 and 2019 respectively.

Shares in Renewables Infrastructure were down 0.7% to 98.22 pence in London on Friday afternoon.

By Elijah Dale, Alliance News reporter

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