Renewal of Revolving Acquisition Facility

RNS Number : 0257W

Renewables Infrastructure Grp (The)

22 April 2016

 

22 April 2016

The Renewables Infrastructure Group Limited
(A London-listed investment company advised by InfraRed Capital Partners ("InfraRed") as investment manager and Renewable Energy Systems ("RES") as operations manager)

Renewal of Revolving Acquisition Facility

The Renewables Infrastructure Group Limited ("TRIG" or the "Company" and together with the holding company subsidiaries, the "Group") is pleased to announce that, to facilitate the continued growth of the Company's portfolio of wind and solar projects, the Group has renewed its revolving acquisition facility entered into with Royal Bank of Scotland plc ("RBS") and National Australia Bank Limited ("NAB").

The three-year committed £150 million multicurrency facility, expiring on 20 April 2019, has a 205 basis point margin over LIBOR (or EURIBOR as appropriate). The facility includes a £15 million working capital element.

The facility, in place with RBS and NAB since 2014, has been successfully used in relation to the acquisition of interests in 29 projects, most recently in relation to TRIG's investment in the Fred. Olsen UK wind portfolio and the Akuo Energy French solar portfolio.  

The renewed facility maintains TRIG's flexibility to acquire further renewable energy generation projects prior to raising fresh equity. Use of the facility also reduces the impact on the Group's investment returns of cash drag which can otherwise result from holding significant amounts of un-invested cash on balance sheet.

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

"Renewal of this facility with RBS and NAB, at improved margins, together with TRIG's proposed new share issuance programme, reinforces TRIG's capability to access capital on a timely basis to address its pipeline of acquisition opportunities across multiple technologies and geographies. The continued deepening of capital markets available for operating renewables infrastructure reflects the operating track record of the asset class and its attractiveness as a long-term income-focused product for investors."

For further information, please contact:

Enquiries

InfraRed Capital Partners Limited                              [phone]
Richard Crawford
Matt Dimond
Phil George

Fidante Partners (Guernsey) Limited                        [phone]
Chris Copperwaite

NOTES TO EDITORS:

TRIG

TRIG is a leading renewable energy infrastructure company delivering long-term, stable dividends from a diversified portfolio of onshore wind and solar photovoltaic projects in the UK and Northern Europe. The Company is seeking to provide investors with long-term, stable dividends, while preserving the capital value of its investment portfolio through re-investment of surplus cash flows after payment of dividends. TRIG is targeting an aggregate dividend of 6.25 pence per Ordinary Share for the year to 31 December 2016.

TRIG is invested in a portfolio of 51 projects in the UK, France and the Republic of Ireland. The Group 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 

InfraRed

TRIG's Investment Manager is InfraRed Capital Partners ("InfraRed").

InfraRed is a leading global investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Paris, Seoul and Sydney. With around 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.

Since its inception over 25 years ago, InfraRed has launched 15 funds, including two companies listed on the London Stock Exchange: HICL Infrastructure Company Limited and The Renewables Infrastructure Group. To date, six of these funds have been realised.

InfraRed has a long and successful proven track record in sourcing, structuring, acquiring, managing and financing infrastructure equity investments. Its history stretches back over 18 years to a time when it advised the UK government on its Public Private Partnership (PPP) programme. Since then, InfraRed has been responsible for over 160 infrastructure equity investments across various sectors including accommodation, education, government, health, renewables and transportation.

Since 2006, InfraRed has been actively participating in the secondary infrastructure markets, expanding its long-standing presence in the development infrastructure market.  It currently manages over 150 infrastructure assets and its renewable energy portfolio has a generation capacity of c. 1.2GW. InfraRed has c. USD6bn of equity invested in infrastructure projects around the globe.

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.

InfraRed is authorised and regulated by the Financial Conduct Authority.

RES

The Operations Manager of the Group is Renewable Energy Systems Limited ("RES").

RES is one of the world's leading renewable energy companies with extensive experience in developing, financing, constructing and operating renewable energy infrastructure projects globally across a wide range of low carbon technologies including both onshore and offshore wind and solar, as well as enabling technologies such as energy storage and demand-side management.

RES has been at the forefront of wind energy development for over 30 years.  Since incorporation, RES has developed and/or constructed more than 200 wind, solar and energy storage projects around the world with a combined capacity of over 10 GW.

In recognition of extraordinary business success in growing revenues from international markets, RES was awarded its second Queen's Award for Enterprise in 2013, this time for International Trade. Today, projects developed and/or built by RES are contributing to meeting the needs of a rapidly-evolving energy market and, in doing so, are actively contributing to a more sustainable world.

RES's global headcount totals over 1,300 staff based in fourteen countries across five continents.

 

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