TIDMTRIG
RNS Number : 5921R
Renewables Infrastructure Grp (The)
18 June 2018
18 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 Solwaybank onshore wind farm in the UK
The Board of TRIG is pleased to announce that it has acquired an
onshore wind farm in the UK, Solwaybank, located in Dumfries and
Galloway, Scotland. Solwaybank is in the early stages of
construction and expected to become operational in Q1 2020. Once
complete, Solwaybank will comprise 15 Senvion MM100 wind turbines,
each with a rated capacity of 2.0MW, amounting to 30MW.
Solwaybank will be one of few onshore wind farms in the UK to
benefit from the attractive Contract for Difference tariff ("CfD")
which fixes the power price during the first 15 years of
operations. Solwaybank has an allocated strike price of GBP82.50
per MWh in 2012 prices (equivalent to GBP91.14 in current
prices).
The project was acquired from TRIG's Operations Manager, RES,
pursuant to TRIG's right of first offer agreement. The total
consideration for the project is expected to be approximately GBP82
million, including construction costs. Of this, GBP39 million was
invested at acquisition, partly funded through a drawdown of the
Group's revolving acquisition facility which now stands at GBP134
million drawn. The project does not have any third-party project
level debt.
Following this acquisition, TRIG's construction exposure is 12%
of its portfolio value, measured on a fully invested basis. By the
year-end, this exposure is expected to reduce to c.7%.
The Investment Manager is evaluating a strong pipeline of
investment opportunities for the Company in wind and solar assets
in the UK, Ireland, France and Scandinavia.
Richard Crawford, Director, Infrastructure at InfraRed Capital
Partners, said:
"Solwaybank is an important addition for the TRIG portfolio,
being its first CfD wind farm in the UK. Together with the two
French wind farms acquired last week, Solwaybank enhances the
Company's revenue visibility as part of a balanced portfolio. The
windfarm is being constructed by RES who have an impressive track
record in developing and building renewable energy assets."
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 61 renewables projects
(including onshore and offshore wind, solar PV and power storage
projects) in the UK, France and the Republic of Ireland, with
aggregate net output capacity of 938 MW following completion of its
construction assets.
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), 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 16GW in capacity.
Headquartered in Hertfordshire, UK, RES operates in 10 countries
and has over 2,000 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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