Renewables Infrastructure Grp (The) Acquisition of Garreg Lwyd Hill Wind Farm (4377F)
17 May 2017 - 9:28PM
UK Regulatory
TIDMTRIG
RNS Number : 4377F
Renewables Infrastructure Grp (The)
17 May 2017
17 May 2017
The Renewables Infrastructure Group Limited
("TRIG" or the "Company", a London-listed investment company
advised by InfraRed Capital Partners as Investment Manager and RES
(Renewable Energy Systems) as Operations Manager)
Acquisition of Garreg Lwyd Hill Wind Farm
The Board of TRIG is pleased to announce that the Company has
completed the acquisition of a 100% interest in Garreg Lwyd Hill
Wind Farm ("Garreg Lwyd Hill" or the "Project") in Powys, Wales.
Investment in the Project, an operational onshore wind farm with
34MW of generating capacity, increases TRIG's portfolio to 55
projects with aggregate net generating capacity of approximately
754MW.
Garreg Lwyd Hill is in a high wind-speed location and includes
17 Vestas V100 turbines each with a rated capacity of 2.0MW. The
Project has been acquired from TRIG's Operations Manager, RES,
pursuant to TRIG's right of first offer agreement, without
third-party project debt for a total consideration of approximately
GBP100 million including working capital and subject to small
contingent post-close adjustments. This newly operational Project
qualifies for the UK's ROC support scheme. The Project has a
long-term O&M agreement with Vestas, which includes production
performance incentives, and a power purchase agreement with Shell
Energy.
TRIG's investment in the Project has been nanced from the
proceeds of the recent equity raising under TRIG's share issuance
programme.
Richard Crawford, Director, Infrastructure at InfraRed Capital
Partners, said:
"InfraRed is delighted to have secured this significant
additional project for TRIG. Garreg Lwyd Hill is the first
investment by TRIG in Wales and is one of the last projects to be
constructed under the UK's successful ROC regime for onshore
wind."
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Richard Crawford
Matt Dimond
Tulchan Communications +44 (0) 20 7353 4200
Martin Pengelley
Latika Shah
Notes
The Company
The Renewables Infrastructure Group ("TRIG" or the "Company") is
a leading London-listed renewable energy infrastructure investment
company. The Company seeks to provide shareholders with an
attractive long-term, income-based return with a positive
correlation to inflation by focusing on strong cash generation
across a diversified portfolio of predominantly operating projects.
TRIG is targeting an aggregate dividend of 6.40 pence per Ordinary
Share for the year to 31 December 2017.
TRIG is invested in a portfolio of 55 onshore wind and solar PV
generation projects in the UK, France and the Republic of Ireland,
including the acquisition announced today, with aggregate net
generating capacity of 754MW. TRIG is seeking further suitable
investment opportunities which fit its stated Investment
Policy.
Further details can be found on TRIG's website at
www.trig-ltd.com.
Investment Manager
TRIG's Investment Manager is InfraRed Capital Partners Limited
("InfraRed") which has successfully invested in over 200
infrastructure projects since 1997. InfraRed is a leading
international investment manager focused on infrastructure and real
estate. It operates worldwide from offices in London, Hong Kong,
New York, Seoul and Sydney. With over 120 professionals it manages
in excess of USD 9 billion of equity capital in multiple private
and listed funds, primarily for institutional investors across the
globe. InfraRed is authorised and regulated by the Financial
Conduct Authority.
The infrastructure investment team at InfraRed consists of 60
investment professionals, all with an infrastructure investment
background and a broad range of relevant skills, including private
equity, structured finance, construction, renewable energy and
facilities management.
InfraRed implements best-in-class practices to underpin asset
management and investment decisions, promotes ethical behaviour and
has established community engagement initiatives to support good
causes in the wider community. InfraRed is a signatory of the
Principles of Responsible Investment.
Further details can be found on InfraRed's website at
www.ircp.com.
Operations Manager
TRIG's Operations Manager is RES (Renewable Energy Systems
Limited), the world's largest independent renewable energy
company.
RES has more than 40 staff providing TRIG with a wide range of
portfolio-level operations management services.
RES has been at the forefront of wind energy development for 35
years, with the expertise to develop, engineer, construct, finance,
and operate projects around the globe. RES has developed or
constructed more than 250 wind, solar, energy storage and
transmission projects totalling more than 12GW in capacity.
Headquartered in Hertfordshire, UK, RES operates in 11 countries
and has over 1,400 employees engaged in renewables globally.
Further details can be found on RES' website at
www.res-group.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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