Renewables Infrastructure Grp (The) Acquisition of Tille et Venelle Wind Farm (5350U)
March 29 2019 - 9:35AM
UK Regulatory
TIDMTRIG
RNS Number : 5350U
Renewables Infrastructure Grp (The)
29 March 2019
29 March 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 Tille et Venelle Wind Farm, increasing portfolio
capacity to 1,363MW
The Board of TRIG is pleased to announce that the Company has
acquired a 100% interest in the Tille et Venelle wind farm ("Tille
et Venelle" or "the Project"), a 40MW onshore wind farm in
Burgundy, central France, which is under construction. The Project
was acquired from Envision Energy, a leading turbine manufacturer
and developer head-quartered in China. The total consideration paid
was c.EUR30 million, including construction costs and net of
project level debt financing.
Tille et Venelle was developed by Velocita Energies, a
Paris-based Envision Group company, which is currently managing the
construction of the windfarm. RES are contracted as owner's
engineer on behalf of TRIG. The Project is due to become
operational during Q1 2020 and will comprise 16 Envision EN-131
turbines with a capacity of 2.5MW each.
The Project benefits from a 15-year subsidy in the form of an
inflation linked Contract for Difference with the utility company
EDF which fixes the price to be paid for the power. As a result,
the Project has no power price risk for the duration of the subsidy
term.
As a result of this investment, TRIG's construction exposure now
stands at 7% of its portfolio value.
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Richard Crawford
Phil George
Tulchan Communications +44 (0) 20 7353 4200
Martin Pengelley
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 64 wind, solar and battery
storage projects in the UK, France, the Republic of Ireland and
Sweden including the acquisition announced today, with aggregate
net generating capacity of 1,363MW. 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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