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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