TIDMTRIG
RNS Number : 2452Q
Renewables Infrastructure Grp (The)
05 June 2018
5 June 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.
Acquisition of two onshore wind farms in France
The Board of TRIG is pleased to announce that it has acquired
two onshore wind farms in Northern France, Rosieres and Montigny
(the "Projects") located in Meuse and Aisne. The assets are
currently under construction and expected to become operational in
Q4 2018 when they will have a combined operating capacity of
31.8MW. Once the projects are operational, TRIG will have 140MW of
generation capacity in France, which is 15% of the existing
portfolio by capacity.
The Projects will benefit from the attractive French subsidy
arrangements underpinning contracted index linked revenues per MWh
generated.
Rosieres comprises eight 2.2MW Vestas turbines which benefit
from the 2016 Contract for Difference ("CfD") subsidy of 15 years.
Montigny comprises six 2.0MW Vestas turbines, with the 2015 Feed in
Tariff ("FiT") subsidy of 15 years, and one 2.2MW Vestas turbine,
with the 2017 CfD subsidy of 20 years.
The Projects were acquired from TRIG's Operations Manager, RES,
pursuant to TRIG's right of first offer agreement. The total
consideration for the Projects is expected to be c.EUR28 million,
including construction costs and net of project level debt
financing. TRIG's investment was funded from the Group's revolving
acquisition facility, following which stands at GBP113 million
drawn.
Following these acquisitions, 6% of TRIG's portfolio value is in
assets under construction, measured on a fully invested basis. TRIG
continues to manage its currency exposure to non-sterling assets by
hedging approximately 50% of the valuation of such assets.
Richard Crawford, Director, Infrastructure at InfraRed Capital
Partners, said:
"We are very pleased to have secured these two wind farms in
France which further add to the geographical diversification of the
portfolio. The Projects benefit from long-term, inflation-linked
tariffs in the form of French FiTs and CfDs which guarantee the
price to be paid for the power generated. Furthermore, the wind
farms are being constructed by RES and will benefit from their
extensive construction expertise for the short period leading up to
their commissioning at the end of 2018."
Ends
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Richard Crawford
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 6.50 pence per Ordinary
Share for the year to 31 December 2018.
TRIG is invested in a portfolio of 60 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 908 MW following
completion of its assets under construction.
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.
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END
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