A further cash consideration of up to a maximum of £1.2m will be payable, subject to receipt of planning permission to repower the site.
Currently comprising 11 turbines, the St Breock wind farm in Cornwall has been generating electricity since 1994 and has an average annual output of approximately 11GWh.
REG has conducted detailed due diligence on the wind farm, with the aim of repowering it to increase capacity. Further development work is underway in advance of a planning submission.
The acquisition is in line with the company’s strategy to acquire as well as develop, own and operate wind farms in the UK. At its current capacity, St Breock will increase the group’s operating wind capacity to 26MW.
Andrew Whalley, chief executive officer of REG, said: ’The purchase further underlines REG’s intention of investing £100m in renewable-energy projects over the next three years.’