Acquisition of Garreg Lwyd Hill Wind Farm

RNS Number : 4377F

Renewables Infrastructure Grp (The)

17 May 2017

 

17 May 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 Garreg Lwyd Hill Wind Farm

The Board of TRIG is pleased to announce that the Company has completed the acquisition of a 100% interest in Garreg Lwyd Hill Wind Farm ("Garreg Lwyd Hill" or the "Project") in Powys, Wales. Investment in the Project, an operational onshore wind farm with 34MW of generating capacity, increases TRIG's portfolio to 55 projects with aggregate net generating capacity of approximately 754MW.

Garreg Lwyd Hill is in a high wind-speed location and includes 17 Vestas V100 turbines each with a rated capacity of 2.0MW. The Project has been acquired from TRIG's Operations Manager, RES, pursuant to TRIG's right of first offer agreement, without third-party project debt for a total consideration of approximately £100 million including working capital and subject to small contingent post-close adjustments. This newly operational Project qualifies for the UK's ROC support scheme. The Project has a long-term O&M agreement with Vestas, which includes production performance incentives, and a power purchase agreement with Shell Energy.

TRIG's investment in the Project has been financed from the proceeds of the recent equity raising under TRIG's share issuance programme.

Richard Crawford, Director, Infrastructure at InfraRed Capital Partners, said:

"InfraRed is delighted to have secured this significant additional project for TRIG. Garreg Lwyd Hill is the first investment by TRIG in Wales and is one of the last projects to be constructed under the UK's successful ROC regime for onshore wind."

Enquiries

InfraRed Capital Partners Limited                              [phone]
Richard Crawford
Matt Dimond

Tulchan Communications                                           [phone]
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 55 onshore wind and solar PV generation projects in the UK, France and the Republic of Ireland, including the acquisition announced today, with aggregate net generating capacity of 754MW. 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 more than 40 staff providing TRIG with a wide range of portfolio-level operations management services.

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 11 countries and has over 1,400 employees engaged in renewables globally.

Further details can be found on RES' website at www.res-group.com.

 

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