Extension of Revolving Acquisition Facility

RNS Number : 1287L

Renewables Infrastructure Grp (The)

20 December 2018

 

20 December 2018

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)

Extension of Revolving Acquisition Facility

Revolving Acquisition Facility

The Board of TRIG is also pleased to announce that it has secured an extension to, and increase in, its committed Revolving Acquisition Facility with the Company's existing lenders, Royal Bank of Scotland International, National Australia Bank Limited and ING Group on improved terms. Key details are as follows:

·     Term: the facility will now expire on 31 December 2021, with an option to extend it for a further 12 months (the previous facility was due to expire in September 2019).

·      Interest rate: the interest rate is LIBOR (or EURIBOR as appropriate) plus 190bps (previously 205bps).

·      Size: the committed facility size has been extended from £240 million to £340 million.

The changes have been negotiated to better facilitate the Company with its acquisitions, recognising the strength of the Company's pipeline. 

Following the recent oversubscribed tap issue, the Company's revolving acquisition facility is currently undrawn.

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

"Given the scale of many renewables' projects now, particularly within onshore and offshore wind, including some of the projects we are evaluating for TRIG's portfolio, we are pleased to have extended TRIG's revolving acquisition facility, so TRIG is better able to access capital and execute on its pipeline. The continued support of TRIG's existing banking group is evidence of the Company's financial strength and its supportive relationships with lenders as well as the attraction of renewables as an asset class."

Enquiries

InfraRed Capital Partners Limited                              [phone]
Richard Crawford
Phil George

Tulchan Communications                                           [phone]
Martin Pengelley
Toby Bates

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 6.50 pence per Ordinary Share for the year to 31 December 2018.

TRIG is invested in a portfolio of 62 onshore wind and solar PV generation projects in the UK, France, the Republic of Ireland and Sweden including the acquisition announced today, with aggregate net generating capacity in excess of 1,110MW. 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 150 professionals it manages in excess of USD 12 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 over 80 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 been at the forefront of wind energy development for over 35 years, with the expertise to develop, engineer, construct, finance and operate projects around the globe. RES has developed or constructed onshore and offshore wind, solar, energy storage and transmission projects totalling more than 16GW in capacity. RES' operational asset portfolio exceeds 3.5GW worldwide for a large client base. Headquartered in Hertfordshire, UK, RES is active in 10 countries and has over 2,000 employees engaged in renewables globally.

RES is an expert at optimising energy yields, with a strong focus on safety and sustainability. Further details can be found on the website at www.res-group.com.

 

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