Under the terms of the agreement, Renewable Energy Generation will receive £10.6m in cash, while BlackRock will assume project debt of £14.5m.
According to its existing asset management agreement with BlackRock, REG will continue to manage operations at the wind farm.
Renewable Energy Generation stated that the proceeds of the sale, together with REG’s existing funds, will be employed in moving both existing and new consents to construction as soon as possible.
Currently, Renewable Energy Generation has 38MW of projects with planning consents as well as 140MW of projects awaiting determination.
Renewable Energy Generation CEO Andrew Whalley said, "We are delighted with the sale of Goonhilly to BlackRock. This was the first wind project bought by Renewable Energy Generation back in 2005 and with its successful re-powering we have created significant value for shareholders.
"Renewable Energy Generation will continue to manage the project on behalf of BlackRock including oversight of the important Goonhilly Community Fund which has done so much in supporting local initiatives." Whalley added.
