TIDMTRIG
RNS Number : 1902C
Renewables Infrastructure Grp (The)
18 January 2018
18 January 2018
The Renewables Infrastructure Group Limited
"TRIG" or the "Company", together with its subsidiaries "the
Group", a London-listed investment company advised by InfraRed
Capital Partners as Investment Manager and RES (Renewable Energy
Systems) as Operations Manager.
Investment in Clahane Wind Farm
The Board of TRIG is pleased to announce that it has completed
the acquisition of a 41.2MW operational wind farm ("Clahane 1") and
its 13.8MW extension which is currently under construction
("Clahane extension") (together "the Project" or "Clahane wind
farm").
The Project is located in County Kerry in the Republic of
Ireland. Clahane 1 was commissioned in 2008 and is comprised of 20
Enercon E70 turbines. The Clahane extension includes a further six
Enercon E70 turbines and is due to become fully operational in the
third quarter of 2018. The Project benefits from 15-year
upward-only, inflation-linked Feed-in Tariff revenues, with six
years remaining on Clahane 1.
The total consideration for the Project is approximately EUR72
million which includes construction spending to the turbine
manufacturer, together with an element of deferred consideration to
the vendor contingent on the completion of certain critical
construction milestones for the Clahane extension. TRIG's
investment has been nanced using its revolving acquisition
facility. The Project has been acquired from a consortium of
private investors and has no third-party project debt.
The Company's net portfolio generating capacity (pro rata to its
equity interests and following the completion of its construction
assets) amounts to 876 MW. Of the overall portfolio, approximately
3% by value constitutes projects under construction.
Extension of Revolving Acquisition Facility
The Company has an active pipeline of further projects under
review for potential acquisition. In order to fund further
acquisitions, the Group has increased the size of its revolving
acquisition facility from GBP150 million to GBP240 million.
Alongside the Group's existing lenders, Royal Bank of Scotland plc
and National Australia Bank Limited, ING Group are providing
additional lending capacity. The facility continues to operate on
the same terms with the expiry date unchanged at 30 September
2019.
Following the investment in the Clahane wind farm, TRIG is
GBP148 million drawn on its revolving acquisition facility with
GBP23 million of further construction and deferred payments
expected to be made during 2018.
Richard Crawford, Director, Infrastructure at InfraRed Capital
Partners, said:
"TRIG is delighted to have secured this significant additional
project which provides long-term, stable feed-in-tariff revenues in
the Republic of Ireland. By increasing its revolving acquisition
facility, TRIG has enhanced its ability to access capital quickly
and efficiently in order to capitalise on its promising
pipeline."
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Richard Crawford
Matt Dimond
Phil George
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 58 renewables projects
(including onshore and offshore wind, solar PV and power storage
projects) in the UK and Northern Ireland, France and the Republic
of Ireland, with aggregate net output capacity of 876 MW following
completion of construction of the 20MW Broxburn project and the
14MW Clahane extension. 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 130 professionals it manages
in excess of USD10 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 70
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 long-standing
signatory of the Principles of Responsible Investment under which
InfraRed is rated A+, the highest level, for both infrastructure
and real estate, as well as for overall strategy and
governance.
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 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 10 countries
and has over 1,900 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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