Renewable Energy Generation Ltd
30 October 2007
30 October 2007
Renewable Energy Generation Ltd
("REG", "the Company" or "the Group")
Signing of debt facilities with Bank of Scotland Corporate for £30m
Renewable Energy Generation (AIM: RWE), the developer, owner and operator of
renewable energy projects, announces that it has entered into a general credit
facility with Bank of Scotland Corporate for £30m. This facility provides funds
for the completion of REG's second tranche of SOP projects in Canada as well as
a number of projects in the UK which are substantially advanced in the planning
process.
Andrew Whalley, CEO, says "Bank of Scotland has been REG's bankers since the
Company was launched and we have enjoyed an excellent relationship with them.
Our general facility is flexible and can be drawn down as projects move out of
planning into procurement. This allows REG to execute its strategy of
on-balance sheet financing wind projects as we continue to build out our large
project portfolios in Canada and the UK. Once projects are operating, they are
well suited to be bundled and refinanced with lower cost long term debt. The
Bank of Scotland facility has been offered at very competitive rates, testament
to REG's credibility in developing, building and operating renewable energy
projects. This facility further enhances our cash position, adding to the
recently announced sale of our position in the 50MW Tymien project in Poland."
Enquiries
Renewable Energy Generation
Andrew Whalley, Chief Executive Officer +44 (0) 1483 400 425
Numis Securities
David Shapton/Charles Farquhar +44 (0) 207 260 1000
This information is provided by RNS
The company news service from the London Stock Exchange