AIM-listed Renewable Energy Generation has sold its 4.5 megawatt ground-mounted solar project at Goonhilly Downs in Cornwall for an initial £5m.

A further £0.7m will be paid if certain targets are achieved.

The sale was made to a fund managed by BlackRock, marking the third transaction under their partnership, which was established last year.

Andrew Whalley, Renewable Energy's Chief Executive Officer, said: "Our relationship with BlackRock continues to generate shareholder value for [the company], with our well-managed renewable energy projects remaining attractive investments."

The group will continue to manage the solar farm under a long-term asset management agreement and proceeds of the sale will be reinvested in its pipeline of consented renewable assets.

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