Renewable Energy Generation, a British low carbon asset developer, has sold two wind farms to a US fund for £36 million.

New York-headquartered BlackRock bought the 10MW St. Breock wind project in Cornwall and the 8MW Ramsey II wind farm in Cambridgeshire.

Under the agreement, BlackRock will take on £21 million of project debt and REG will receive £13.1 million of cash up front and £1.9 million more will be paid once the projects start operating next year.

REG said it will reinvest the money into its pipeline of approved wind and bioenergy projects.

CEO Andrew Whalley added: “REG will maintain close links with the local communities in which these projects are based as part of its oversight of the important community funds, which will support local initiatives throughout the wind farms’ operating lives.”