Acquisition of French onshore wind farms
28 June 2019
The Renewables Infrastructure Group Limited
("TRIG" or "the Company", a London-listed investment company advised by InfraRed Capital Partners as Investment Manager and Renewable Energy Systems ("RES") as Operations Manager)
Acquisition of French onshore wind farms, bringing TRIG's net generating capacity to 1,509MW
The Board of TRIG is pleased to announce that the Company has made two onshore wind investments, increasing the proportion of the portfolio in France from 10% to 13%.
· Acquisition of minority shareholdings in five operational windfarms
TRIG has acquired a 34.6% equity interest and all of the shareholder loans in Fujin SAS ("Fujin"), a holding company that owns a portfolio of five operational windfarms in France with a gross generation capacity of 87.8MW.
Fujin is owned alongside Akuo Energy, a leading French developer, who remains majority shareholder and will continue to operate the windfarms. The projects benefit from inflation-linked feed-in-tariffs with French utility company EDF for an average remaining subsidy term of 6.5 years. During this period, the projects are not exposed to any power price risk.
· Acquisition of Epine windfarm
TRIG has also acquired a 100% interest in the Epine windfarm, a 36MW operational wind farm located in Northern France, near Reims, from TTR Energy and Nordex SE. The wind farm has recently commenced operations and benefits from a 15 year inflation-linked feed-in-tariff with EDF, which eliminates power price risk for the duration of the subsidy term. Epine comprises 12 Nordex turbines.
The Fujin portfolio was acquired with project finance in place which is fully amortising during the subsidy period whilst Epine is in the process of raising project finance which will amortise on the same basis.
These investments have both been financed from the Company's cash resources following its recent fund raise.
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Richard Crawford
Phil George
Tulchan Communications +44 (0) 20 7353 4200
Martin Pengelley
Sheebani Chothani
Notes
The Company
The Renewables Infrastructure Group ("TRIG" or the "Company") is a leading London-listed renewable energy infrastructure investment company. The Company seeks to provide shareholders with an attractive long-term, income-based return with a positive correlation to inflation by focusing on strong cash generation across a diversified portfolio of predominantly operating projects. TRIG is targeting an aggregate dividend of 6.64 pence per Ordinary Share for the year to 31 December 2019.
TRIG is invested in a portfolio of 71 wind, solar and battery storage projects with aggregate net generating capacity of 1,509MW. 45% of TRIG's projects by portfolio value are located in countries outside of the UK, namely France, Ireland, Germany and Sweden. TRIG 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") which has successfully invested in over 200 infrastructure projects since 1997. InfraRed is a leading international investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Seoul and Sydney. With over 150 professionals it manages in excess of USD 12 billion of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed is authorised and regulated by the Financial Conduct Authority.
The infrastructure investment team at InfraRed consists of over 80 investment professionals, all with an infrastructure investment background and a broad range of relevant skills, including private equity, structured finance, construction, renewable energy and facilities management.
InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment.
Further details can be found on InfraRed's website at www.ircp.com.
Operations Manager
TRIG's Operations Manager is Renewable Energy Systems ("RES"), the world's largest independent renewable energy company.
RES has been at the forefront of wind energy development for over 35 years, with the expertise to develop, engineer, construct, finance and operate projects around the globe. RES has developed or constructed onshore and offshore wind, solar, energy storage and transmission projects totalling more than 16GW in capacity. RES' operational asset portfolio exceeds 3.5GW worldwide for a large client base. Headquartered in Hertfordshire, UK, RES is active in 10 countries and has over 2,000 employees engaged in renewables globally.
RES is an expert at optimising energy yields, with a strong focus on safety and sustainability. Further details can be found on the website at www.res-group.com.
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