5 February 2025
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.
Revolving Credit Facility refinanced and
reduced
TRIG announces that the Company has
refinanced and reduced the size of its multi-currency Revolving
Credit Facility ("RCF"). The renewed RCF of £500m has been made
available to TRIG for a three-year committed term expiring 31 March
2028 at improved pricing compared to the
previous £600m facility. This refinancing supports the
Company's strong balance sheet. The RCF was £309m drawn as at 31
December 2024. It is expected that proceeds will be received in
late February 2025 from the sale of a 15.2% stake in Gode offshore
wind farm, which was announced 1 August 2024, and upon receipt the
RCF balance will reduce to c. £230m.
The margin charged in respect of the
renewed RCF continues to be linked to the Company's ESG
performance. TRIG will incur a premium to or receive a reduction in
the margin and commitment fee based on performance against updated
ESG targets. The margin is 175bps over the prevailing reference
rate for Sterling and Euro borrowings, prior to adjustments for
TRIG's performance against the defined and stretching ESG targets.
This margin is 10bps lower than under the previous
facility.
The consortium of lenders is
comprised of the following banks; National Australia Bank, Royal
Bank of Scotland International, ING, Barclays, Lloyds, BNP Paribas,
ABN Amro, Skandinaviska Enskilda Banken and Intesa
SanPaolo.
Enquiries
InfraRed Capital Partners
Limited
+44 (0) 20 7484 1800
Minesh Shah
Phil George
Mohammed Zaheer
Brunswick
+44 (0) 20 7404 5959 / TRIG@brunswickgroup.com
Mara James
Investec Bank
Plc
+44 (0) 20 7597 4000
Lucy Lewis
Tom Skinner
BNP
Paribas
+44 (0) 20 7595 9444
Virginia Khoo
Carwyn Evans
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 markets in
Europe with aggregate net generating capacity of 2.7GW; enough
renewable power for 1.8 million homes and to avoid 2.2 million
tonnes of carbon emissions per annum.
Further details can be found on
TRIG's website at www.trig-ltd.com.
Investment Manager
InfraRed Capital Partners is an
international infrastructure asset manager, with more than 160
professionals operating worldwide from offices in London, Madrid,
New York, Sydney and Seoul. Over the past 25 years, InfraRed has
established itself as a highly successful developer and steward of
infrastructure assets that play a vital role in supporting
communities. InfraRed manages US$13bn of equity capital1
for investors around the globe, in listed and private funds across
both core and value-add strategies.
InfraRed is part of SLC Management,
the institutional alternatives and traditional asset management
business of Sun Life.
For more information, please
visit www.ircp.com.
1 Uses 5-year average FX as at 30th June 2024 of GBP/USD of
1.2821; EUR/USD 1.1141. EUM is USD 12.741m.
Operations Manager
TRIG's Operations Manager is RES
("Renewable Energy Systems"). RES is the world's largest
independent renewable energy company, working across 24 countries
and active in wind, solar, energy storage, biomass, hydro, green
hydrogen, transmission, and distribution. An industry innovator for
over 40 years, RES has delivered more than 24GW of renewable energy
projects across the globe and plans to bring more than 22GW of new
capacity online in the next five years.
As a service provider, RES has the
skills and experience in asset management, operations and
maintenance (O&M), and spare parts - supporting 41GW of
renewable assets across 1,300 sites. RES brings to the market a
range of purposeful, practical technology-based products and
digital solutions designed to maximise investment and deployment of
renewable energy. RES is the power behind a clean energy future
where everyone has access to affordable zero carbon energy bringing
together global experience, passion, and the innovation of its
4,500 people to transform the way energy is generated, stored and
supplied.
Further details can be found on the
website at www.res-group.com.
