TIDMTRIG
RNS Number : 7800L
Renewables Infrastructure Grp (The)
15 January 2021
15 January 2021
The Renewables Infrastructure Group Limited
("TRIG" or "the Company", a London-listed investment company
advised by InfraRed Capital Partners ("InfraRed") as Investment
Manager and RES ("Renewable Energy Systems") as Operations
Manager)
Acquisition of interest in Beatrice offshore wind farm in the
UK
The Board of TRIG is pleased to announce that the Company has
exchanged contracts to acquire an equity interest of 17.5% in
Beatrice offshore wind farm ("the Project") from Copenhagen
Infrastructure Partners ("CIP"). Beatrice is a 588MW offshore wind
farm developed by SSE plc using Siemens turbines, has an
established track record since operations commenced in 2018 and
benefits from a Contract-for-Difference ("CfD") subsidy. Following
completion of the transaction, Beatrice will represent
approximately 12% of TRIG's investment portfolio.
The wind farm is located approximately 13km off the north east
coast of Scotland and comprises 84 Siemens 7MW turbines which
utilise direct drive technology. The Project has a 15-year
maintenance agreement in place with Siemens. The Project's CfD
subsidy fixes the price received for all power generated until
2034, with indexation to inflation. Debt financing on the Project
is fixed rate and fully amortising within the subsidy period.
The investment, which is subject to regulatory and lender
consents which are expected to be received in the coming weeks,
will be financed from a drawdown of the Group's recently renewed
revolving credit facility. TRIG's co-shareholders will be SSE plc
(40%), funds managed by Equitix Investment Management Limited (who
are also acquiring a 17.5% stake from CIP and is partnered with
TRIG on the Sheringham Shoal offshore wind farm), and Red Rock
Power Limited (25%).
As has recently been highlighted by the UK Government, offshore
wind projects have a significant role to play in the
decarbonisation of the UK economy. As well as ongoing economic
benefit through the provision of local jobs (with up to 90 roles at
the operational base for the Project in Wick, Scotland), the
Project provides enough clean energy to power the equivalent of
more than 450,000 homes.
Richard Crawford, of InfraRed Capital Partners, said:
"We are pleased to have the opportunity to invest in this
high-quality project developed by SSE, who are a leading generator
of renewable electricity in the UK. As investment Manager, InfraRed
seeks attractive opportunities for TRIG that increase the
robustness of the portfolio, helping to deliver sustainable returns
to shareholders from a diversified portfolio of renewables
infrastructure. This major acquisition represents a continuation of
this investment strategy and will be the Company's third investment
in a UK offshore wind farm and its 5(th) in the offshore wind
sector."
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Richard Crawford
Phil George
Maitland/AMO +44 (0) 20 7379 5151
James Isola
Zara de Belder
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 6.76 pence per Ordinary
Share for the year to 31 December 2020.
TRIG is invested in a portfolio of over 70 wind, solar and
battery storage projects with aggregate net generating capacity of
over 1.7GW. 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, Sydney and Mexico City. With over 190
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
85 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"),
the world's largest independent renewable energy company.
RES has been at the forefront of wind energy development for
over 38 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 17GW in capacity. RES
supports over 6.3GW of operational assets 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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