New solar acquisition

RNS Number : 0948I

Renewables Infrastructure Grp (The)

23 March 2015

 



23 March 2015

The Renewables Infrastructure Group Limited
("TRIG" or the "Company" and together with the holding company subsidiaries, the "Group")

New solar acquisition takes TRIG to thirty investments

·    Expansion of TRIG's portfolio with the acquisition of the Four Burrows Solar Park ("Four Burrows") in Cornwall, South-West England with a generating capacity of approximately 7.2MW

·    TRIG's portfolio now totals 30 project investments (18 onshore wind and 12 solar PV) with approximately 446 MW of aggregate installed capacity across the UK, France and Ireland.

Richard Crawford of InfraRed Capital Partners, TRIG's Investment Manager, said: "We are pleased to announce the addition of a further solar PV project to the TRIG portfolio taking our portfolio total to 30 projects. With a strong base of 30 fully operational onshore wind and solar PV projects in the UK, Ireland and France, TRIG is well-positioned to provide investors with the benefits of further scale and diversification through judicious portfolio acquisitions in our markets of focus."

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TRIG announces the acquisition of Four Burrows, an operational solar park near Truro, Cornwall for a cash consideration of approximately £8.6 million plus working capital. TRIG has acquired an 100% interest in the site which has an approximate generating capacity of 7.2 MW.

The vendor and developer of the project is Renewable Energy Systems (RES), TRIG's Operations Manager.  The transaction, acquired under TRIG's Right of First Offer Agreement with RES, has been approved by TRIG's Investment Committee (comprised wholly of senior members of InfraRed Capital Partners, the Company's Investment Manager).

The project uses Renesola PV panels and has been operational since January 2015. It has a 25-year operational life.  The acquisition price is subject to adjustment should the project not qualify as expected for accreditation under the UK's 1.4 ROC per MWh renewables support mechanism. Operations and maintenance services are provided by Oskomera Solar Power Solutions, with a long-term power purchase agreement in place with an investment grade UK utility. The acquisition of Four Burrows was funded by a draw-down under the Group's £120 million revolving acquisition facility.  The acquired project has no third party debt.

Enquiries

InfraRed Capital Partners Limited                              [phone]
Richard Crawford
Matt Dimond

Tulchan Communications                                           [phone]
Martha Walsh
Camilla Cunningham

Canaccord Genuity Limited                                         [phone]
Andrew Zychowski
David Yovichic

Jefferies International Limited                                    [phone]
Gary Gould
Stuart Klein

NOTES TO EDITORS:

The Company

TRIG is a leading renewable energy infrastructure company providing long term yield from a diversified portfolio of onshore wind and solar photovoltaic projects in the UK and Northern Europe. The Company is seeking to provide investors with long-term, stable dividends, while preserving the capital value of its investment portfolio through re-investment of surplus cash flows after payment of dividends. TRIG is targeting an aggregate dividend of 6.16 pence per Ordinary Share for the period from 1 July 2014 to 30 June 2015 and aims to increase this dividend in line with inflation over the medium term.

TRIG currently owns a portfolio of 30 wholly-owned assets in the UK, France and the Republic of Ireland. 12 of the assets are solar PV parks and 18 of the assets are onshore wind farms. The Group 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"). InfraRed is an independent investment business, managing a range of infrastructure and real estate funds and investments. It has a strong record of delivering attractive returns for its investors, with total equity under management of more than US$ 8 billion.  

InfraRed currently has staff of over 100 employees and partners, based mainly in offices in London and with smaller offices in Paris, Seoul, Sydney, Hong Kong and New York. The infrastructure investment team within the InfraRed Group currently consists of over 50 investment professionals, all of whom have an infrastructure investment background and a broad range of relevant skills, including private equity, structured finance, construction, renewable energy and facilities management.

Since 1998, InfraRed has launched 15 funds including two companies listed on the London Stock Exchange:  HICL Infrastructure Company Limited and TRIG. To date, six of the unlisted funds have been completely or materially realised in accordance with their investment strategies.

InfraRed has a long and successful proven track record in sourcing, structuring, acquiring, managing and financing infrastructure equity investments. It has been responsible for over 160 infrastructure equity investments for the InfraRed Group (including predecessor organisations) and its funds to date.

Further details can be found on InfraRed's website at www.ircp.com.

InfraRed is authorised and regulated by the Financial Conduct Authority.

Operations Manager

The Operations Manager of the Group is Renewable Energy Systems Limited ("RES"). RES is one of the world's leading renewable energy developers, with extensive experience in developing, financing, constructing and operating renewable energy infrastructure projects globally across a wide range of low carbon technologies including wind, solar and biomass.

RES has been at the forefront of wind energy development for over 30 years.  Since incorporation, RES has developed and/or constructed more than 140 individual wind farms and PV parks around the world with a combined capacity of over 8,600 MW.

In recognition of extraordinary business success in growing revenues from international markets, RES was awarded its second Queen's Award for Enterprise in 2013, this time for International Trade. Today, projects developed and/or built by RES are contributing to meeting the needs of a rapidly-evolving energy market and, in doing so, are actively contributing to a more sustainable world.

RES's global headcount totals over 1,200 staff based in fourteen countries across five continents.

Further details can be found on RES's website at www.res-group.com.

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