Acquisition of a 51% interest in a French solar..

RNS Number : 7473D

Renewables Infrastructure Grp (The)

11 July 2016

 

11 July 2016

The Renewables Infrastructure Group Limited
("TRIG" or the "Company")

Acquisition of a 51% interest in a French solar project

·    TRIG has entered into a binding sale and purchase agreement to acquire a 51.0% interest in a 12MW ground-mounted solar photovoltaic plant, in the South of France (the "Transaction")

·    The Transaction increases the aggregate net generating capacity of TRIG's portfolio to 686MW

·    TRIG continues its strategy of investing in long-term income-producing operating projects diversified by geography, power market and technology

The Board of TRIG is pleased to announce the acquisition of a 51.0% interest in an operating (brownfield) ground-mounted solar photovoltaic plant ("Midi" or the "Project") in Provence, France with 12MW of gross generating capacity from investment funds managed by 123Venture for a consideration of €10.6 million.

Midi was commissioned in 2012 and was constructed by Akuo Energy Group ("Akuo"), a leading French independent renewable energy producer. The panels were manufactured by SunPower.  Akuo, an existing investment partner alongside TRIG in French solar parks, will continue to hold a 49.0% interest in the Plant and is contracted to provide operation and maintenance services. RES, TRIG's portfolio operations manager, will represent TRIG on the Project's board.

The Project benefits from a power purchase agreement with EDF expiring in 2032, providing fixed, long-term, index-linked revenue streams to TRIG. 

Completion will be subject to certain lending consents and the Transaction will be funded by TRIG's revolving acquisition facility. The Transaction is in line with TRIG's published investment policy.

Enquiries

InfraRed Capital Partners Limited                              [phone]
Richard Crawford
Matt Dimond

Tulchan Communications                                           [phone]
Doug Campbell
Latika Shah

 

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