Revolving Credit Facility refinanced and reduced
5 February 2025
The Renewables Infrastructure Group Limited
"TRIG" or "the Company", a London-listed investment company advised by InfraRed Capital Partners ("InfraRed") as Investment Manager and Renewable Energy Systems ("RES") as Operations Manager.
Revolving Credit Facility refinanced and reduced
TRIG announces that the Company has refinanced and reduced the size of its multi-currency Revolving Credit Facility ("RCF"). The renewed RCF of £500m has been made available to TRIG for a three-year committed term expiring 31 March 2028 at improved pricing compared to the previous £600m facility. This refinancing supports the Company's strong balance sheet. The RCF was £309m drawn as at 31 December 2024. It is expected that proceeds will be received in late February 2025 from the sale of a 15.2% stake in Gode offshore wind farm, which was announced 1 August 2024, and upon receipt the RCF balance will reduce to c. £230m.
The margin charged in respect of the renewed RCF continues to be linked to the Company's ESG performance. TRIG will incur a premium to or receive a reduction in the margin and commitment fee based on performance against updated ESG targets. The margin is 175bps over the prevailing reference rate for Sterling and Euro borrowings, prior to adjustments for TRIG's performance against the defined and stretching ESG targets. This margin is 10bps lower than under the previous facility.
The consortium of lenders is comprised of the following banks; National Australia Bank, Royal Bank of Scotland International, ING, Barclays, Lloyds, BNP Paribas, ABN Amro, Skandinaviska Enskilda Banken and Intesa SanPaolo.
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Minesh Shah
Phil George
Mohammed Zaheer
Brunswick +44 (0) 20 7404 5959 / TRIG@brunswickgroup.com
Mara James
Investec Bank Plc +44 (0) 20 7597 4000
Lucy Lewis
Tom Skinner
BNP Paribas +44 (0) 20 7595 9444
Virginia Khoo
Carwyn Evans
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 wind, solar and battery storage projects across six markets in Europe with aggregate net generating capacity of 2.7GW; enough renewable power for 1.8 million homes and to avoid 2.2 million tonnes of carbon emissions per annum.
Further details can be found on TRIG's website at www.trig-ltd.com.
Investment Manager
InfraRed Capital Partners is an international infrastructure asset manager, with more than 160 professionals operating worldwide from offices in London, Madrid, New York, Sydney and Seoul. Over the past 25 years, InfraRed has established itself as a highly successful developer and steward of infrastructure assets that play a vital role in supporting communities. InfraRed manages US$13bn of equity capital1 for investors around the globe, in listed and private funds across both core and value-add strategies.
InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life.
For more information, please visit www.ircp.com.
1 Uses 5-year average FX as at 30th June 2024 of GBP/USD of 1.2821; EUR/USD 1.1141. EUM is USD 12.741m.
Operations Manager
TRIG's Operations Manager is RES ("Renewable Energy Systems"). RES is the world's largest independent renewable energy company, working across 24 countries and active in wind, solar, energy storage, biomass, hydro, green hydrogen, transmission, and distribution. An industry innovator for over 40 years, RES has delivered more than 24GW of renewable energy projects across the globe and plans to bring more than 22GW of new capacity online in the next five years.
As a service provider, RES has the skills and experience in asset management, operations and maintenance (O&M), and spare parts - supporting 41GW of renewable assets across 1,300 sites. RES brings to the market a range of purposeful, practical technology-based products and digital solutions designed to maximise investment and deployment of renewable energy. RES is the power behind a clean energy future where everyone has access to affordable zero carbon energy bringing together global experience, passion, and the innovation of its 4,500 people to transform the way energy is generated, stored and supplied.
Further details can be found on the website at www.res-group.com.
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