Renewables Infrastructure Grp (The) Acquisition of Freasdail Wind Farm (6731O)
November 09 2016 - 2:00AM
UK Regulatory
TIDMTRIG
RNS Number : 6731O
Renewables Infrastructure Grp (The)
09 November 2016
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.
----------
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 GBP18.5 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 CO(2) 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 GBP100m 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
The company news service from the London Stock Exchange
END
ACQAKFDBOBDDPDK
(END) Dow Jones Newswires
November 09, 2016 02:00 ET (07:00 GMT)
The Renewables Infrastru... (LSE:TRIG)
Historical Stock Chart
From Apr 2024 to May 2024
The Renewables Infrastru... (LSE:TRIG)
Historical Stock Chart
From May 2023 to May 2024