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Renewable energy firm secures funding

International renewable energy group Renewable Energy Generation Limited (REG) has announced and 18-month, £20 million general revolving credit facility with HBOS.

The deal, it says, will mean that its green power operations in the UK and Canada will remain secure and well financed.

Commenting on developments, Andrew Whalley, chief executive of the group, said: "It is particularly pleasing to secure this financing, which is a testament to the strong growth in cash-flow which is coming from our successful development programmes in both countries."

He added that the company was at the stage where its developments were adding up to a "significant operating portfolio".

"We expect to have 100MW of plant operating by the end of this year, with continuing construction through 2010," he said.

Mr Whalley also revealed that the company had been able to acquire wind turbines quickly by using equity through construction which has meant they have been able to build faster.

"The quality of our projects and group balance sheet is reflected in the ability to raise finance in these testing times and we look forward to the continued growth of the group."

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