Britain's Renewable Energy Holdings (REH) will sell its German wind farms for just under 40m euros (£33m) to pay off debts and pump more money into Polish and Welsh projects.
The news sent shares in REH, which have slumped 64 percent this year, were up almost ren per cent to 9.75 pence following the announcement.
Windpark Kesfled and Windpark Kirf will be sold to Allianz Renewable Energy, pending approval from shareholders, REH said in a statement, after they failed to reach windspeeds originally projected when they were bought by REH.
"The board believes the company's development projects, being the Kobylany Wind Farm Project in Poland and Mynnydd y Gwynt in Wales, should be the main focus of REH's activity going forward, due to the potentially superior economic returns they could provide," REH said.
City A.M. Reporter