TIDMTRIG
RNS Number : 8015G
Renewables Infrastructure Grp (The)
31 March 2022
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31 March 2022
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)
Acquisition of an operational solar PV site in Spain
TRIG has acquired a 49% equity interest in Project Valdesolar,
an operating solar park in the province of Badajoz, Spain, (the
"Project" or "Valdesolar"), from Repsol ("Repsol"), a
Spanish-listed global energy company.
Valdesolar represents approximately 3% of TRIG's portfolio, by
value. Together with the Cadiz solar projects, this acquisition
further enhances TRIG's technological and geographical
diversification. Following this acquisition, Spain represents 8%
and solar PV 15% of the Company's portfolio.
Valdesolar, which has a total capacity of 264MW, has been
operational since December 2021. The Project generates enough clean
energy to power the equivalent of 140,000 homes.
Repsol developed and built Valdesolar, and will retain a 51%
equity interest in the Project. TRIG will have director
representation at the project company and strong minority-investor
protections.
Valdesolar does not receive any government subsidies and TRIG
will work with Repsol to manage the Project's exposure to merchant
power prices by considering a range of power price hedging
strategies. With the current elevated levels in the wholesale power
market, which are not assumed to persist, the Investment Manager
continues its prudent approach to incorporating power price
forecasts into investment valuations.
Richard Crawford, of InfraRed Capital Partners, said:
"We are very pleased to be partnering with Repsol on this large
operating solar project. Projects such as Valdesolar offer a route
to improved energy security and decarbonisation of the Spanish
energy system.
Together with last year's investment in the Cadiz solar
projects, Valdesolar adds to TRIG's technological and geographic
portfolio diversification. Once the Cadiz solar projects are
operational at the end of 2022, TRIG's solar portfolio will have
net generation capacity in excess of 500MW."
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
Rhys Jones
Charles Withey
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 spread across the UK, Ireland, France, Germany,
Spain and Sweden with aggregate net generating capacity of 2.4GW,
enough clean energy capable of powering over 1.3 million homes and
displacing over 1.6 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. It
operates worldwide from offices in London, New York, Seoul and
Sydney. With 165 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 40 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 22GW in capacity. RES
supports over 9GW of operational assets worldwide for a large
client base. Headquartered in Hertfordshire, UK, RES is active in
10 countries and has over 3,000 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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END
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