LONDON: BlackRock Inc will acquire Renewable Energy Generation Ltd for £64.5mil (US$97mil) after the UK government’s move to scrap subsidies for new onshore wind projects undermined the company’s prospects.
Renewable Energy Generation will be liquidated following the sale to RI Income Holdings Ltd, a company controlled by BlackRock Renewable Income Fund, it said in a regulatory filing yesterday. The company expects to give about 60 pence a share to investors by Jan 29 and potentially another 0.3 pence following the liquidation.
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