Renewables Infrastructure Grp (The) Operational update on Merkur offshore wind farm (4541C)
June 21 2021 - 2:00AM
UK Regulatory
TIDMTRIG
RNS Number : 4541C
Renewables Infrastructure Grp (The)
21 June 2021
21 June 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)
Operational update on Merkur offshore wind farm
Routine inspections at Merkur have identified signs of stress
fatigue on certain areas of the support structure of the Helihoist
on some of the 6MW wind turbines. Generation at the wind farm was
paused as a precautionary safety measure whilst the root cause of
the issue is being investigated. The turbines are under warranty
and service contract with the manufacturer. Contractual provisions
include a mechanism to protect lost revenue whilst turbines are not
operational, subject to a cap. It is not currently expected that
the cap will be exceeded and therefore no material financial impact
is expected to the Company.
The first batches of turbines have now been brought back online,
in consultation with the authorities. The project's dedicated asset
management team, with support from the Company's Managers, is
working closely with the manufacturer to identify and put in place
a solution that will allow the wind farm to resume operating safely
and effectively for the long term.
Merkur constitutes 6% of TRIG's portfolio value on a committed
basis and is the only site in TRIG's portfolio which uses this
turbine model. The Company owns a 25% interest in the 396MW wind
farm which is located in the German North Sea, acquired in 2019
shortly after it was commissioned.
The Company will provide a further update when it is available
and expects to be in a position to do this in the interim results
which will be published in early August 2021.
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
Neil Bennett
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 .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDBLGDLSDBDGBI
(END) Dow Jones Newswires
June 21, 2021 02:00 ET (06:00 GMT)
The Renewables Infrastru... (LSE:TRIG)
Historical Stock Chart
From Jun 2024 to Jul 2024
The Renewables Infrastru... (LSE:TRIG)
Historical Stock Chart
From Jul 2023 to Jul 2024