Announcement by TRIG's co-investor

RNS Number : 5709U

Renewables Infrastructure Grp (The)

13 July 2018

 

 13 July 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 announcement made by Bonheur ASA on 13 July 2018 in respect of its Q2 2018 results.  Bonheur ASA is a member of the Fred. Olsen group of companies and TRIG'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 all located in Scotland (together, the "FO/TRIG UK Wind Portfolio"). TRIG has a 49% equity investment in the FO/TRIG UK Wind Portfolio and a mezzanine note. The six assets represent approximately 20% of TRIG's portfolio by value.

The announcement includes reference to historic production performance of Fred. Olsen's portfolio of 11 operating wind farms located in Scotland, Norway and Sweden, which includes the FO/TRIG UK Wind Portfolio. Bonheur ASA reported that, during the first half of 2018, like-for-like generation of the Fred. Olsen renewables portfolio was 12% below that of the first half of 2017, but that, during the half year to 2018, electricity prices achieved were higher.

In the TRIG portfolio, wind generation was below budget due to lower wind speeds than the expected average, although wind generation in other geographies and solar generation performed better than the East of Scotland (where the FO/TRIG Wind Portfolio is located), demonstrating the benefits of TRIG's diversification. Overall, over the same period, TRIG's portfolio has traded broadly in line with expectations:  while generation was behind budget, short-term power prices have been higher than expected.

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 of August 2018.

Enquiries

InfraRed Capital Partners Limited                           [phone]

Richard Crawford

Phil George

Tulchan Communications                                         [phone]

Martin Pengelley

Latika Shah

 

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