Renewable Energy Generation completes 2nd tranche of wind farm financing

Renewable Energy Generation Limited ("REG") (AIM: WIND), the UK renewable energy group, announces that it has completed the project financing of three operational wind power farms. The wind projects are Goonhilly Downs (12MW), High Haswell (4MW) and Loscar (4.5MW), all constructed in 2010. The wind power project financing is for £25m repayable in full over 15 years at an all in rate of 5.9% and is provided by The Co-operative Bank.

Andrew Whalley, Chief Executive Officer of REG, said: "We are delighted to be able to continue our relationship with The Co-operative Bank, which also provided financing for five older REG wind turbines earlier this year.

"The equity released will be reinvested in new projects and REG remains firmly on track to meet its stated three-year goal of committing £100m to new UK renewable energy projects by the end of 2012."

James Sutcliffe, Senior Manager at The Co-operative Bank’s Renewable Energy team, said: "We are extremely pleased to be able to support REG on its latest financing and look forward to working with the company again as it continues to develop its portfolio of renewable energy projects."

Renewable Energy Generation Ltd (REG) is a UK renewable energy group. Its main business is the development, construction and operation of wind farms and generating power from refined used cooking oil.

REG Windpower: based in Truro and Bath, UK, it currently operates ten wind turbines projects in Cambridgeshire, Cornwall, County Durham, Yorkshire, Cumbria and Gwynedd, with a total capacity of 41.15MW and has a development pipeline of over 1,000MW.

Headquartered in Jersey, REG was admitted to trading on AIM, a market operated by the London Stock Exchange, in May 2005 (AIM: WIND).