TIDMTRIG
RNS Number : 9465Z
Renewables Infrastructure Grp (The)
27 May 2021
27 May 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)
Acquisition of two onshore wind farms in Sweden
The Board of TRIG is pleased to announce that the Company has
exchanged contracts to acquire a 50% interest in two onshore
pre-construction wind farms, Ranasjö and Salsjö. The projects are
located in central Sweden and together are referred to as Twin
Peaks, with a combined capacity of 242MW. The acquisition is
subject to certain conditions being satisfied, including entering
into final agreements for the construction of the wind farms. The
transaction is expected to complete by July 2021.
TRIG has partnered with InfraRed European Infrastructure Income
Fund 4 which will acquire a 50% interest in the project alongside
TRIG. This is consistent with TRIG's strategy of partnering with
aligned co-investors on larger transactions whilst maintaining a
diversified portfolio.
The asset has been sourced bilaterally building on InfraRed's
existing relationship with Arise, an active developer of projects
in the Nordics and UK from whom TRIG acquired the 213MW Jädraås
wind farm in 2019. The projects are being funded on an ungeared
basis.
The windfarms, which are approximately 20 km apart and share
grid and access infrastructure, are located in central Sweden, near
Sollefteå and about 100km from Östersund, in the SE2 Nord Pool
price area. Construction is expected to commence in Q3 2021 and to
be completed in the first half of 2024, with each wind farm using
Siemens Gamesa 170 6.2MW turbines with Siemens providing O&M
services under a 30-year agreement. The Ranasjö project will
comprise 25 turbines whilst the Salsjö project will comprise 14
turbines. Arise will provide the asset management services with RES
providing oversight through the Owner's Engineer role during
construction. Onshore wind capacity contributes to Sweden's
ambition to meet net-zero carbon emissions by 2045. Once
operational Twin Peaks will provide enough clean energy to power
the equivalent of more than 45,000 homes.
On completion, the windfarms are together expected to represent
approximately 4.5% of TRIG's portfolio value on a fully committed
basis and investments in Sweden will account for approximately 15%
of TRIG's portfolio. This acquisition takes the Company's exposure
to construction projects to approximately 11% of portfolio
value.
TRIG has total commitments of approximately GBP200m including
Twin Peaks due over the next three years to fund construction phase
projects. TRIG's revolving credit facility is currently GBP135m
drawn.
As with Grönhult, Twin Peaks will receive market-based revenues
once operational, and the Investment Manager will consider a range
of power price hedging strategies.
Helen Mahy, CBE, Chairman of TRIG, said :
"The Nordics is a key region for our diversified portfolio and
we're pleased to continue our relationship with Arise. We firmly
believe developing and leveraging relationships through our
Managers is crucial in an increasingly competitive market for
renewables, whilst partnering with aligned co-investors enhances
our access to attractive opportunities."
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
James Isola
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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