TIDMTRIG
RNS Number : 0382T
Renewables Infrastructure Grp (The)
20 July 2022
20 July 2022
The Renewables Infrastructure Group Limited
("TRIG" or "the Company", a London-listed investment company
advised by InfraRed Capital Partners ("InfraRed") as Investment
Manager and Renewable Energy Systems ("RES") as Operations
Manager)
Incremental investment in Hornsea One offshore wind farm
The Board of TRIG is pleased to announce that the Company has
exchanged contracts to acquire a further 2.4% equity interest in
the Hornsea One offshore wind farm (the "Project"), which is
located off the coast of north-east England, from Global
Infrastructure Partners (from whom the Company announced the
acquisition of its original stake on 17 March 2022). Upon
completion of this incremental investment, TRIG will hold a 10.2%
interest in Hornsea One, with the Project representing 9% of TRIG's
portfolio, by value.
Hornsea One is well suited to TRIG's strategy of balancing
subsidised and unsubsidised revenues to deliver sustainable returns
to shareholders and aligning with high quality counterparties.
The project benefits from:
-- An inflation-linked Contract-for-Difference ("CfD") subsidy with 13 years remaining.
-- Operational management of the windfarm by Orsted under a
long-term operations & maintenance contract. Orsted also
developed and built the farm using 174 Siemens 7MW turbines.
Hornsea One has demonstrated strong operational performance
since operations commenced in 2020. With a generation capacity of
1.2GW and covering an area of 407km(2) , the project is the largest
operational offshore wind farm in the world. The Project generates
enough clean electricity to power more than one million homes.
All required consents have been received in respect of TRIG's
initial investment in a 7.8% equity interest in the Project, which
will complete this month. Completion of the incremental investment
is expected to occur, following receipt of consents, by the end of
Q3 2022.
Richard Crawford, of InfraRed Capital Partners, said:
"The acquisition of additional investment in Hornsea One, which
is currently the world's largest operational windfarm, exemplifies
the Company's strategy of investing, including the reinvestment of
retained profits, in high quality renewables projects which
contribute to European energy security and decarbonisation. TRIG's
investment commitments into European renewables total in excess of
GBP400m year-to-date, the majority of which has been in the
UK."
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Richard Crawford
Phil George
Minesh Shah
Mohammed Zaheer
Maitland/AMO +44 (0) 20 7379 5151
Rhys Jones
Charles Withey
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 invested in a portfolio of wind, solar and battery
storage projects across six countries in Europe with aggregate net
generating capacity of over 2.4GW; enough renewable power for 1.7
million homes and to avoid over 2 million tonnes of carbon
emissions per annum. 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 infrastructure
projects since 1997. InfraRed is a leading international investment
manager, operating worldwide from offices in London, Hong Kong, New
York, Seoul and Sydney, and managing 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
100 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 40 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 22GW in capacity. RES
supports over 9.5GW of operational assets worldwide for a large
client base. Headquartered in Hertfordshire, UK, RES is active in
11 countries and has over 3,000 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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