Renewables Infrastructure Grp (The) Acquisition of Broxburn Energy Storage (8303N)
August 14 2017 - 2:30AM
UK Regulatory
TIDMTRIG
RNS Number : 8303N
Renewables Infrastructure Grp (The)
14 August 2017
14 August 2017
The Renewables Infrastructure Group Limited
("TRIG" or the "Company", a London-listed investment company
advised by InfraRed Capital Partners as Investment Manager and RES
(Renewable Energy Systems) as Operations Manager)
Acquisition of Broxburn Energy Storage
The Board of TRIG is pleased to announce that the Company has
completed the acquisition of a 100% interest in Broxburn, a battery
energy storage project which is currently under construction in
West Lothian, Scotland ("Broxburn" or the "Project").
Broxburn, a 20MW battery, was developed and is being constructed
by RES, TRIG's Operations Manager. Construction is scheduled to be
completed in early 2018. The Project is expected to have an
operational life of 15 years. Broxburn has no debt financing and
benefits from a bespoke bilateral contract with National Grid
Electricity Transmission plc to provide dynamic, two-way grid
balancing services. For the initial four years of operations under
the contract, revenues are substantially based on pre-determined,
RPI-indexed availability payments.
TRIG's total investment of GBP20m is expected to be financed
from cash resources and a drawdown of the Group's revolving
acquisition facility.
TRIG's portfolio now consists of 56 projects and will have an
aggregate net output capacity of 774MW once Broxburn is
constructed.
Helen Mahy CBE, Chairman of TRIG, said:
"The use of battery storage is becoming increasingly important
in enabling grid networks to match fluctuations in the supply and
demand of electricity and to stabilise power frequency. This
becomes especially vital as the installed base of renewables
generation increases. We are excited to be playing a part in this
by investing in Broxburn, one of the first large-scale commercial
power storage projects to be developed in the UK."
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Richard Crawford
Matt Dimond
Tulchan Communications +44 (0) 20 7353 4200
Martin Pengelley
Latika Shah
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 6.40 pence per Ordinary
Share for the year to 31 December 2017.
TRIG is invested in a portfolio of 56 renewables projects
(including onshore wind, solar PV and power storage projects) in
the UK, France and the Republic of Ireland, with aggregate net
output capacity of 774MW following completion of construction of
the 20MW Broxburn project. 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 120 professionals it manages
in excess of USD 9 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 60
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
Limited), the world's largest independent renewable energy
company.
RES has been at the forefront of wind energy development for 35
years, with the expertise to develop, engineer, construct, finance,
and operate projects around the globe. RES has developed or
constructed more than 250 wind, solar, energy storage and
transmission projects totalling more than 12GW in capacity.
Headquartered in Hertfordshire, UK, RES operates in 10 countries
and has over 1,900 employees engaged in renewables globally.
Further details can be found on RES' website at
www.res-group.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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