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REH to sell German wind energy interests

Isle of Man-based Renewable Energy Holdings is to sell two German wind energy companies to the German firm Allianz Renewable Energy Management, for up to £33.4 million.

Renewable Energy is an energy production company focussing on wind power in the United Kingdom and Europe.

In 2009 the AIM-listed company declared a pre-tax profit of £11.2 million on a turnover of £8.94 million.

The German wind power companies are currently held by Renewable Energy Holdings' subsidiary REH Global.

In 2009 they made a collective pre-tax loss of £840,000 on a turnover of £4.5 million.

Chief executive of REH Mike Proffitt said: 'The proposed disposal of the German Wind assets demonstrates REH's commitment and ability to focus on realising value from its assets, with a view to creating value upside for shareholders from its future pipeline of wind development projects in Poland and Wales'.

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