REG Power Management started life in 2005 when we listed on the London Stock Exchange’s AIM market as a developer, owner and operator of renewable energy projects. Our early investments included Poland’s then largest wind farm, the 50MW Tymien project and the acquisition of the WindWorks portfolio, comprising some 25 UK wind development projects. In 2005 we also purchased the Goonhilly Downs Wind Farm on the Lizard in Cornwall, at the time one of the country’s oldest operating commercial wind farms.
In 2006, we diversified geographically, purchasing AIM Powergen, one of Canada’s largest wind developers. This was largely in response to the Ontario Government’s desire to promote clean energy. During that year we also acquired REG Bio-Power, an innovative business pioneering the production of energy from from recycled waste cooking oil.
In 2009, having built some 80MW of renewable energy projects whilst developing several hundred MWs more, we successfully sold our Canadian business to International Power for $185m to focus on the fast growing UK market.
In 2010 we successfully repowered the Goonhilly Downs Wind Farm, replacing the ageing 14 turbines with 6 larger machines, quadrupling the site’s clean energy output as a result.
In 2011 our we began providing reserve power services to the UK’s National Grid using our recycled cooking oil power plant to keep the lights on at times of unexpected demand on the network.
In 2013 we formed a strategic partnership with the world’s largest fund manager BlackRock. Under this agreement we committed to sell selected assets to them, retaining long term management of the projects.This agreement was further strengthened through the sale of Goonhilly later that year.
Early in 2014 we offered the opportunity for the public to invest directly in one of our renewable projects for the first time through a partnership with Abundance Generation. Subsequently the single turbine High Down project in Cornwall was successfully funded through a public debenture offer.
Later in 2014 we funded and built the World’s first large scale recycled cooking oil energy plant, the 18MW Whitemoor project at Selby in Yorkshire. The project was developed using modified Caterpillar engines and was built and is operated by Finning UK. The project is supplying energy into National Grid’s STOR programme.
In 2015, largely in response to the early closure of renewable energy subsidies by the UK Government, we sold our operational wind and solar assets to BlackRock returning around £65m to our AIM shareholders. The Company was then taken into private ownership by its management team, establishing REG Power Management which continues to develop, own and operate energy assets in the UK.
In 2016 we entered into six Construction Management Agreements totalling 39MW, two of the six agreements were generating before the end of 2016. Along with this we also took over the Asset Management of five solar sites from John Laing totalling 25MW and signed new AMAs with BlackRock on four solar and two wind projects totalling 64MW and 44MW respectively.