National law firm, Bond Dickinson, has advised long standing client Renewable Energy Generation Limited, the leading UK renewable energy group on the sale of its entire operating and consented wind and solar portfolio to a fund managed by US investment company BlackRock.
REG’s portfolio comprised 34.7MW of operating wind plant, 0.8MW of projects under construction and 42MW of consented projects awaiting funding to construction and 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, were transferred to REG Power Management Limited, established by directors and senior management. REG Power Management has entered into construction management agreements with BlackRock to complete the construction of the consented assets.
The transaction completed in December following shareholder approval. REG was delisted from AiM in January and then entered a liquidation process under which and the net cash proceeds of the sale have been returned to REG’s shareholders.
Sebastian Briggs, Energy Partner, led the team that advised REG and which included lawyers from the corporate, capital markets, banking, tax, real estate, planning, commercial and construction teams.
Sebastian Briggs commented: “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”.
Simon Wannop, Commercial Director of REG commented: “The team at Bond Dickinson were responsive and pro-active throughout, and played an integral part of the wider team that supported REG to achieve completion of a complex transaction. We have worked with them for a number of years and really value their true sector specialism”.