Acquisition of 25.3 MW wind farm in RoI

RNS Number : 2799Y

Renewables Infrastructure Grp (The)

28 November 2014

 



28 November 2014

The Renewables Infrastructure Group Limited
("TRIG" or the "Company" and together with the holding company subsidiaries, the "Group")

Acquisition of 25.3 MW wind farm in Republic of Ireland

·    Expansion of TRIG's portfolio with the acquisition of the Taurbeg wind farm ("Taurbeg") in the Republic of Ireland, with a total generating capacity of 25.3MW

·    TRIG's portfolio now totals 29 individual project investments with approximately 439 MW of aggregate installed capacity in onshore wind and solar PV across the UK, France and the Republic of Ireland.

Richard Crawford from InfraRed Capital Partners, TRIG's Investment Manager, said:  "We are pleased to announce the acquisition of the Taurbeg wind farm in South-West Ireland which follows on from the recent addition of the Earlseat wind farm in Scotland.  Taurbeg is an unlevered project with an attractive yield and operating history. With nine project acquisitions completed in 2014, TRIG has increased its generating capacity in aggregate by more than 50% this year, providing further benefits of diversification and scale and generating sustainable returns for investors."

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TRIG today announces the acquisition of a 100% interest in Taurbeg, an operational wind farm with 25.3 MW of rated generating capacity, located near Newmarket, County Cork in the Republic of Ireland, for consideration of EUR 17.3 million (approximately £14 million) subject to certain earn-out provisions.

The project, which was developed by the RES group, includes eleven Siemens wind turbines, each with rated capacity of 2.3 MW, and has been operational since March 2006.  Operations and maintenance services are provided by RES, with a power purchase agreement in place with SSE Airtricity.  With revenues derived predominantly from power sales, Taurbeg provides an attractive expected cash yield. The project has no third party debt.

The vendor is Renewable Energy Systems UK & Ireland Limited, part of the Renewable Energy Systems (RES) group which acts as the Operations Manager to TRIG.  The transaction, acquired under TRIG's Right of First Offer Agreement with RES, was approved by TRIG's Investment Committee (comprised wholly of senior members of InfraRed Capital Partners, the Company's Investment Manager).

Enquiries

InfraRed Capital Partners Limited                              [phone]
Richard Crawford
Matt Dimond

Tulchan Communications                                           [phone]
Martha Walsh
Camilla Cunningham

Canaccord Genuity Limited                                         [phone]
Andrew Zychowski
David Yovichic

Jefferies International Limited                                    [phone]
Gary Gould
Stuart Klein

NOTES TO EDITORS:

The Company

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. The Company is seeking to provide investors with long-term, stable dividends, while preserving the capital value of its investment portfolio through re-investment of surplus cash flows after payment of dividends. TRIG is targeting an aggregate dividend of 6.16 pence per Ordinary Share for the period from 1 July 2014 to 30 June 2015 and aims to increase this dividend in line with inflation over the medium term.

TRIG currently owns a portfolio of 29 wholly-owned assets in the UK, France and the Republic of Ireland, including the acquisition announced today. 11 of the assets are solar PV parks and 18 of the assets are onshore wind farms. 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.

Investment Manager

TRIG's Investment Manager is InfraRed Capital Partners Limited ("InfraRed"). InfraRed is an independent investment business, managing a range of infrastructure and real estate funds and investments. It has a strong record of delivering attractive returns for its investors, with total equity under management of more than US$ 7 billion.  

InfraRed currently has staff of over 100 employees and partners, based mainly in offices in London and with smaller offices in Paris, Sydney, Hong Kong and New York. The infrastructure investment team within the InfraRed Group currently consists of over 50 investment professionals, all of whom have an infrastructure investment background and a broad range of relevant skills, including private equity, structured finance, construction, renewable energy and facilities management.

Since 1998, InfraRed has launched 15 funds including two companies listed on the London Stock Exchange:  HICL Infrastructure Company Limited and TRIG. To date, six of these funds have been completely or materially realised.

InfraRed has a long and successful proven track record in sourcing, structuring, acquiring, managing and financing infrastructure equity investments. It has been responsible for over 160 infrastructure equity investments for the InfraRed Group (including predecessor organisations) and its funds to date.

InfraRed is authorised and regulated by the Financial Conduct Authority.

Operations Manager

The Operations Manager of the Group is Renewable Energy Systems Limited ("RES"). RES is one of the world's leading renewable energy developers, with extensive experience in developing, financing, constructing and operating renewable energy infrastructure projects globally across a wide range of low carbon technologies including wind, solar and biomass.

RES has been at the forefront of wind energy development for over 30 years.  Since incorporation, RES has developed and/or constructed more than 140 individual wind farms and PV parks around the world with a combined capacity of over 8,000 MW.

In recognition of extraordinary business success in growing revenues from international markets, RES was awarded its second Queen's Award for Enterprise in 2013, this time for International Trade. Today, projects developed and/or built by RES are contributing to meeting the needs of a rapidly-evolving energy market and, in doing so, are actively contributing to a more sustainable world.

RES's global headcount totals over 1,000 staff based in thirteen countries across five continents.

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