Announcement by TRIG's co-investor

RNS Number : 5538L

Renewables Infrastructure Grp (The)

19 July 2017

 

19 July 2017

The Renewables Infrastructure Group Limited ("TRIG" or the "Company")

Announcement by TRIG's co-investor in the Fred. Olsen UK Wind Portfolio

The Board notes the first half-year 2017 results announcement yesterday by Bonheur ASA, a member of the Fred. Olsen group of companies and the Company's co-investor in six of TRIG's UK wind portfolio projects, namely Crystal Rig I & II, Rothes I & II, Mid Hill and Paul's Hill (together, the "Fred. Olsen UK Wind Portfolio").

The announcement includes reference to historic production performance of the Fred. Olsen UK Wind Portfolio in which TRIG has a 49% equity investment and a mezzanine note. The Fred. Olsen UK Wind Portfolio represents approximately one quarter of TRIG's portfolio by value. 

Bonheur ASA reported that the Fred. Olsen UK Wind Portfolio produced gross generation of 565GWh in H1 2017 representing an increase of 22% over the same period in 2016.   As was reported in TRIG's 2016 interim report, production in H1 2016 was adversely impacted by poor wind conditions in the British Isles and down time on Crystal Rig 1 where there was a precautionary site-wide closure whilst pitch brakes were inspected.

While some short-term variability in production is to be expected during the year from intermittent energy sources such as wind and solar, over the longer term TRIG's portfolio has performed at close to predicted levels of production. In the first half of 2017, wind levels in Scotland (where the Fred. Olsen UK Wind Portfolio is wholly located) have been broadly in line with expectations. As usual, performance for TRIG's portfolio as a whole, across all geographic regions, will be reported in the Company's interim report due to be announced on 18 August 2017.

Enquiries

InfraRed Capital Partners Limited                             [phone]

Richard Crawford

Matt Dimond

Tulchan Communications                                          [phone]

Martin Pengelley

Latika Shah

 

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