Renewable Energy Generation to buy 4-MW wind scheme in UK
Oct 16, 2013 - UK green power plants operator Renewable Energy Generation Ltd (LON:WIND), or REG, said today it had struck a deal to buy a 4-MW wind project in Staffordshire, England’s West Midlands region.
The seller is South Staffordshire College. The 4-MW wind scheme received planning approval in 2010 and will be powered by two turbines of 2 MW each, expected to produce 11 GWh of electricity each year. REG plans to launch construction activities during its current fiscal year through June 2014, it said.
As part of the deal, the British firm will back the educational programme of the college by providing access to the turbines. It will also make annual lease payments to the school during the lifetime of the project.
In a separate statement of Wednesday REG said it had booked a net profit of GBP 6.5 million (USD 10m/EUR 8m) in the fiscal year through June against a loss of GBP 1.8 million a year earlier. Revenues climbed to GBP 13.4 million from GBP 12.1 million.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.