About €30.4m of the initial consideration will be used to pay down existing debt of the REH group, and majority of the remaining proceeds will be re-invested in the company’s Kobylany wind farm project in Poland.
The company said that it is planning to focus on investing in, developing and operating its other European wind assets, and the disposal will concentrate its interests in wind farms in the developmental stage.
Renewable Energy Holdings CEO Mike Proffitt said that the proposed disposal of the German wind assets demonstrates REH’s commitment and ability to focus on realizing value from its assets with a view to creating value upside for shareholders from its future pipeline of wind development projects in Poland and Wales.
