RedT Energy completes sale of US biogas operations

23rd Dec 2015 08:55

(ShareCast News) - RedT Energy had a bit more cash and fewer assets on Wednesday, as it completed the sale of its US biogas operations.AG Power Jerome, which owned the Jerome-based biogas facility, and AG Power DCD, which owned the Twin Falls operation, were sold to Delaware-incorporated biogas firm Clean Power Holdings.The deal, as originally announced on 17 November, was worth $18.9m (£12.74m), less associated debt of around $14.3m. The remaining $4.6m was to be settled in cash, with $2m on completion of the deal and $2.6m within 12 months.On Wednesday, RedT Energy said all of the conditions had been met and the deal was complete, with the initial $2m received from Clean Power Holdings.RedT also confirmed an additional $1m could be payable, depending on the performance of the disposed assets in the period to 31 December 2016.