BLK BlackRock Inc

LONDON--Renewable Energy Generation Ltd. (WIND.LN) said Friday that it has sold two wind farm projects to a fund managed by BlackRock (BLK) for a 36 million pounds ($58.19 million).

The renewable energy company has sold its 10 megawatt St.Breock and 8 megawatt Ramsey II wind farm projects.

Under the agreement, BlackRock will assume project debts of GBP21 million and the company will receive up-front cash consideration of GBP13.1 million, with a further GBP1.9 million payable following commissioning of the projects in 2015.

Renewable Energy intends to re-invest the sale proceeds into its portfolio of projects.

Shares of Renewable Energy at 0703 GMT flat at 67 pence.

Write to Tapan Panchal at tapan.panchal@wsj.com

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