Announcement by TRIG's co-investor

RNS Number : 8609U

Renewables Infrastructure Grp (The)

27 October 2017

 

27 October 2017

The Renewables Infrastructure Group Limited

("TRIG" or the "Company")

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

The Board of TRIG notes the third quarter 2017 results announcement today 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 quarter of TRIG's portfolio by value. 

Bonheur ASA reported that the Fred. Olsen UK Wind Portfolio produced gross generation of 771GWh for the first 9 months of 2017 representing an increase of 13% over the same period in 2016 and that generation in the third quarter (when wind speeds are usually at their lowest) was 6% below the equivalent period in 2016.

While some short-term variability in production is to be expected during the year from intermittent energy sources such as wind and solar, over the longer term, TRIG's portfolio has performed at close to predicted levels of production. In the first nine months of 2017 as a whole, wind levels in Scotland (where the Fred. Olsen UK Wind Portfolio is wholly located) have been broadly in line with expectations. As usual, performance for TRIG's portfolio as a whole, across all geographic regions, will be reported in the Company's annual results due to be announced in February 2018.

Enquiries

InfraRed Capital Partners Limited                           [phone]

Richard Crawford

Matt Dimond

Tulchan Communications                                         [phone]

Martin Pengelley

Latika Shah

 

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