Renewables Infrastructure Grp (The) Acquisition of French onshore wind farms (7335D)
28 June 2019 - 4:00PM
UK Regulatory
TIDMTRIG
RNS Number : 7335D
Renewables Infrastructure Grp (The)
28 June 2019
28 June 2019
The Renewables Infrastructure Group Limited
("TRIG" or "the Company", a London-listed investment company
advised by InfraRed Capital Partners as Investment Manager and
Renewable Energy Systems ("RES") as Operations Manager)
Acquisition of French onshore wind farms, bringing TRIG's net
generating capacity to 1,509MW
The Board of TRIG is pleased to announce that the Company has
made two onshore wind investments, increasing the proportion of the
portfolio in France from 10% to 13%.
-- Acquisition of minority shareholdings in five operational windfarms
TRIG has acquired a 34.6% equity interest and all of the
shareholder loans in Fujin SAS ("Fujin"), a holding company that
owns a portfolio of five operational windfarms in France with a
gross generation capacity of 87.8MW.
Fujin is owned alongside Akuo Energy, a leading French
developer, who remains majority shareholder and will continue to
operate the windfarms. The projects benefit from inflation-linked
feed-in-tariffs with French utility company EDF for an average
remaining subsidy term of 6.5 years. During this period, the
projects are not exposed to any power price risk.
-- Acquisition of Epine windfarm
TRIG has also acquired a 100% interest in the Epine windfarm, a
36MW operational wind farm located in Northern France, near Reims,
from TTR Energy and Nordex SE. The wind farm has recently commenced
operations and benefits from a 15 year inflation-linked
feed-in-tariff with EDF, which eliminates power price risk for the
duration of the subsidy term. Epine comprises 12 Nordex
turbines.
The Fujin portfolio was acquired with project finance in place
which is fully amortising during the subsidy period whilst Epine is
in the process of raising project finance which will amortise on
the same basis.
These investments have both been financed from the Company's
cash resources following its recent fund raise.
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Richard Crawford
Phil George
Tulchan Communications +44 (0) 20 7353 4200
Martin Pengelley
Sheebani Chothani
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 6.64 pence per Ordinary
Share for the year to 31 December 2019.
TRIG is invested in a portfolio of 71 wind, solar and battery
storage projects with aggregate net generating capacity of 1,509MW.
45% of TRIG's projects by portfolio value are located in countries
outside of the UK, namely France, Ireland, Germany and Sweden. 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 150 professionals it manages
in excess of USD 12 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 over
80 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 Renewable Energy Systems ("RES"),
the world's largest independent renewable energy company.
RES has been at the forefront of wind energy development for
over 35 years, with the expertise to develop, engineer, construct,
finance and operate projects around the globe. RES has developed or
constructed onshore and offshore wind, solar, energy storage and
transmission projects totalling more than 16GW in capacity. RES'
operational asset portfolio exceeds 3.5GW worldwide for a large
client base. Headquartered in Hertfordshire, UK, RES is active in
10 countries and has over 2,000 employees engaged in renewables
globally.
RES is an expert at optimising energy yields, with a strong
focus on safety and sustainability. Further details can be found on
the website at www.res-group.com.
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END
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