Operational update on Merkur offshore wind farm
21 June 2021
The Renewables Infrastructure Group Limited
("TRIG" or "the Company", a London-listed investment company advised by InfraRed Capital Partners ("InfraRed") as Investment Manager and RES ("Renewable Energy Systems") as Operations Manager)
Operational update on Merkur offshore wind farm
Routine inspections at Merkur have identified signs of stress fatigue on certain areas of the support structure of the Helihoist on some of the 6MW wind turbines. Generation at the wind farm was paused as a precautionary safety measure whilst the root cause of the issue is being investigated. The turbines are under warranty and service contract with the manufacturer. Contractual provisions include a mechanism to protect lost revenue whilst turbines are not operational, subject to a cap. It is not currently expected that the cap will be exceeded and therefore no material financial impact is expected to the Company.
The first batches of turbines have now been brought back online, in consultation with the authorities. The project's dedicated asset management team, with support from the Company's Managers, is working closely with the manufacturer to identify and put in place a solution that will allow the wind farm to resume operating safely and effectively for the long term.
Merkur constitutes 6% of TRIG's portfolio value on a committed basis and is the only site in TRIG's portfolio which uses this turbine model. The Company owns a 25% interest in the 396MW wind farm which is located in the German North Sea, acquired in 2019 shortly after it was commissioned.
The Company will provide a further update when it is available and expects to be in a position to do this in the interim results which will be published in early August 2021.
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Richard Crawford
Phil George
Minesh Shah
Mohammed Zaheer
Maitland/AMO +44 (0) 20 7379 5151
Neil Bennett
Zara de Belder
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 invested in a portfolio of over 75 wind, solar and battery storage projects with aggregate net generating capacity of over 1.9GW, enough renewable power for over one million homes and displacing over 1.3 million tonnes of carbon emissions per annum. 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, Sydney and Mexico City. With over 190 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 85 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 RES (" Renewable Energy Systems"), the world's largest independent renewable energy company.
RES has been at the forefront of wind energy development for over 38 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 17GW in capacity. RES supports over 6.3GW of operational assets 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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