Announcement by TRIG's co-investor

RNS Number : 7269N

Renewables Infrastructure Grp (The)

28 October 2016

 

28 October 2016

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

Announcement by TRIG's co-investor in the Fred. Olsen UK Wind Portfolio

The Board notes the Q3 2016 results announcement this morning by Bonheur ASA, a member of the Fred. Olsen group of companies and the Company's co-investor in six of TRIG's UK wind portfolio projects, namely Crystal Rig I & II, Rothes I & II, Mid Hill and Paul's Hill (together, the "Fred. Olsen UK Wind Portfolio").

The announcement includes reference to historic production performance of the Fred. Olsen UK Wind Portfolio in which TRIG has a 49% equity investment and a mezzanine note. The Fred. Olsen UK Wind Portfolio represents approximately one third of TRIG's portfolio by value. Recent electricity generation from the six projects has recovered following a period of relatively low wind speeds in the first half of the year, as already described in TRIG's 2016 interim results for the six months to 30 June 2016 which were published on 18 August 2016.

Bonheur reported that the Fred. Olsen UK Wind Portfolio produced gross generation of 218GWh in Q3 representing a capacity factor of approximately 23% (excluding compensated downtime for grid curtailment) compared to 18% in Q2. The Q3 2016 capacity factor was also slightly ahead of the comparable Q3 2015 performance (with capacity factor of 22% and gross generation of 205GWh). In total, the gross generation for the nine months to 30 September 2016 for the six projects was 682GWh (Q1-Q3 2015: 863GWh).

While some short-term variability in production is to be expected during the year from intermittent energy sources such as wind and solar, in the longer term TRIG's portfolio has performed at close to predicted levels of production. Performance for the portfolio in 2016 as a whole will be reported on, as usual, in the Company's annual results due to be announced in February 2017.

Enquiries

InfraRed Capital Partners Limited                             [phone]

Richard Crawford

Matt Dimond

Tulchan Communications                                         [phone]

Doug Campbell

Latika Shah

 

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