Announcement by TRIG's co-investor

RNS Number : 4114N

Renewables Infrastructure Grp (The)

08 May 2018

 

 8^th May 2018

The Renewables Infrastructure Group Limited

("TRIG" or the "Company")

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

The Board of TRIG notes the 2018 first quarter results announcement on 4^th May 2018 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 nearly one quarter of TRIG's portfolio by value. Bonheur ASA reported that during the first quarter of 2018, the Fred. Olsen UK Wind Portfolio had like-for-like generation 9% below that of the first quarter of 2017.

In the TRIG portfolio, wind generation in the East of Scotland (where the Fred. Olsen UK Wind Portfolio is located) was below budget as a result of lower than expected wind speeds. However, wind generation in other geographies in the TRIG portfolio exceeded budget, demonstrating the benefits of TRIG's diversification. Overall, over the same period, TRIG's generation was close to budget.

As usual, performance for TRIG's portfolio over the first half of 2018, across all geographic regions, will be reported in the Company's interim results which will be announced on 8^th of August.

Enquiries

InfraRed Capital Partners Limited                            [phone]

Richard Crawford

Phil George

Tulchan Communications                                         [phone]

Martin Pengelley

Latika Shah

 

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