Viridis Clean Energy Group
(ASX:VIR) says it has completed the sale of its 49% interest in the Ardrossan wind farm in the UK to SSE Renewables for $21.3 million.
The company says the sale price represents a substantial premium of $18.6 million to the book value which was $2.7 million as at December 31, 2009.
Viridis says discussions with corporate lenders, Investec Bank and Royal Bank of Scotland, are continuing regarding the use of the sale proceeds to either pay down the corporate debt facility or retain some of the proceeds in the business to assist in meeting funding requirements during the previously announced asset sale process.
The company has been evaluating options for retiring the balance of current its corporate debt facility, which expires on July 31, 2010, and meeting any other liquidity requirements of the business.
Earlier this month the company said it intends to conduct a structured process under which it will seek and evaluate proposals for the sale of individual asset portfolios, or the sale of the entire business.
Viridis Clean Energy Group posted a loss for the 2009 financial year.
