Acquisition of Freasdail Wind Farm
9 November 2016
The Renewables Infrastructure Group Limited
("TRIG" or the "Company"), advised by InfraRed Capital Partners as Investment Manager and RES (Renewable Energy Systems) as Operations Manager
Acquisition of Freasdail Wind Farm, increasing portfolio capacity to over 700MW
· New acquisition: TRIG has completed the acquisition of a 100% interest in Freasdail Wind Farm, a 22.55MW onshore wind project in Scotland.
· Scale and diversification: So far in 2016, the Company has invested in 17 wind and solar projects in the UK and France, increasing the diversification of TRIG's portfolio which now encompasses 53 projects with net generating capacity of more than 700MW.
· Broad multi-technology pipeline: InfraRed Capital Partners continues to source a broad pipeline of projects on behalf of TRIG, including further onshore wind and solar PV projects as well as projects in battery storage and offshore wind technologies.
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Following the Company's announcement on 14 September 2016, the Board of TRIG is pleased to announce that the Company has completed the acquisition (the "Transaction") of a 100% interest in Freasdail Wind Farm, a 22.55MW onshore wind project (the "Project") in Argyll & Bute, Scotland from TRIG's Operations Manager, Renewable Energy Systems ("RES") under the Company's right-of-first-offer agreement with RES. Total consideration was £18.5 million including project completion costs.
The Project is in an advanced stage of construction and is expected to be commissioned in the first quarter of 2017 and to be accredited under the UK's 20-year 0.9 ROC per MWh support regime. RES, which is experienced in construction management, has been retained by TRIG to complete the final stages of building and commissioning the Project.
The Project has an expected 25-year lifespan and includes 11 Senvion MM82 wind turbine generators, each with a rated capacity of 2.05MW. The Project benefits from a 15-year power purchase agreement including a floor price with Vattenfall Energy Trading GmbH. The Project has long-term finance in place from KfW Ipex-Bank GmbH, fully amortising over 15 years. TRIG's investment in the Transaction has been financed from the net proceeds of the recent oversubscribed equity-raising under TRIG's second share issuance programme. The Transaction is in line with TRIG's published investment policy.
The Transaction increases TRIG's portfolio net generating capacity (pro rata to TRIG's equity interests) to 708MW. TRIG's 18 UK onshore wind projects currently account for nearly 5% of the UK's overall onshore wind capacity, while the Company's overall electricity generation in the first half of 2016 was equivalent to approximately 1.7% of all UK renewables-sourced electricity generation.
TRIG continues its strategy of providing investors with long-term, stable dividends by investing in a range of predominantly operational, income-producing, renewable energy generation projects diversified by geography, power market and technology.
Helen Mahy CBE, Chairman of TRIG, said:
"TRIG's acquisition of Freasdail Wind Farm further diversifies the Company's portfolio, taking our net generating capacity above 700MW. TRIG generates electricity equivalent to the amount required to power approximately 400,000 homes and avoids the production of 600,000 tonnes of CO2 annually."
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Richard Crawford
Matt Dimond
Tulchan Communications +44 (0) 20 7353 4200
Doug Campbell
Latika Shah
RES
Rachel Anderson +44 (0) 7795 680 803
NOTES TO EDITORS
TRIG
TRIG is a leading renewable energy infrastructure company delivering long-term, stable dividends from a diversified portfolio of onshore wind and solar photovoltaic projects in the UK and Northern Europe. TRIG is targeting an aggregate dividend of 6.25 pence per share for the year ending 31 December 2016. Since IPO in July 2013, TRIG has paid £100m of dividends with an annualised total shareholder return of 7.5% to 30 September 2016.
TRIG is invested in a portfolio of 53 projects, which are predominantly operational, in the UK, France and the Republic of Ireland. 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 or www.trig-ltd.com/video
InfraRed
TRIG's Investment Manager is InfraRed Capital Partners ("InfraRed"). InfraRed is a leading global investment manager focused on infrastructure and real estate, focused on creating real value for its investors, project partners, communities and end users. InfraRed operates worldwide from offices in London, Hong Kong, New York, Paris, Sydney and Seoul. With c.120 professionals, InfraRed manages more than US$9bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. To date, InfraRed has launched 15 funds including two companies listed on the London Stock Exchange: HICL Infrastructure Company Limited and The Renewables Infrastructure Group. InfraRed has realised six of these, demonstrating its ability to create real value for its stakeholders. InfraRed is authorised and regulated by the Financial Conduct Authority.
RES
TRIG's Operations Manager is RES (Renewable Energy Systems), one of the world's leading independent renewable energy companies. At the forefront of renewable energy development for over 30 years, RES has developed and/or built over 12GW of renewable energy capacity worldwide. RES' core activities are onshore wind, offshore wind and solar, and technologies that will be enablers to a low carbon future - energy storage and transmission. RES is headquartered in the United Kingdom and operates across the globe.
This information is provided by RNS
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