UPDATE 1-Novera reviews interest in wind farm stake
* To sell minority stake in operating wind farm
* Expects to complete process in early 2010
(Adds details)
LONDON, Nov 13 (Reuters) - British renewable energy company Novera Energy NOEN.L is reviewing interest from bidders in a minority stake in one of its operating wind farm assets.
The company, which is fending off a hostile takeover bid from Terra Firma-backed Infinis Energy, said in a statement on Friday the process was expected to complete in early 2010.
Alongside 46 landfill gas sites, Novera has just two operational wind farms - Myndd Clogau in Wales and Lisset in Yorkshire.
It has said previously it is looking to sell equity in its projects to raise cash for investment in new wind farms. Smaller operators in particular have found it hard to gain funding for projects during the credit crisis. [ID:nL6520509]
As the stake to be sold is in an operating wind farm, it is less risky and could therefore attract the interest of pension funds, as well as trade players such as utilities.
Novera also repeated its rejection of the 90.5 million pound ($150.4 million) bid from Infinis, saying the 62.5 pence per share offer substantially undervalues the company and its prospects. [ID:nL1498021] (Reporting by Victoria Bryan, Editing by Paul Sandle) ($1=.6017 Pound)
