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18 January 2018
The Renewables Infrastructure Group Limited
"TRIG" or the "Company", together with its subsidiaries "the Group", a London-listed investment company advised by InfraRed Capital Partners as Investment Manager and RES (Renewable Energy Systems) as Operations Manager.
Investment in Clahane Wind Farm
The Board of TRIG is pleased to announce that it has completed the acquisition of a 41.2MW operational wind farm ("Clahane 1") and its 13.8MW extension which is currently under construction ("Clahane extension") (together "the Project" or "Clahane wind farm").
The Project is located in County Kerry in the Republic of Ireland. Clahane 1 was commissioned in 2008 and is comprised of 20 Enercon E70 turbines. The Clahane extension includes a further six Enercon E70 turbines and is due to become fully operational in the third quarter of 2018. The Project benefits from 15-year upward-only, inflation-linked Feed-in Tariff revenues, with six years remaining on Clahane 1.
The total consideration for the Project is approximately €72 million which includes construction spending to the turbine manufacturer, together with an element of deferred consideration to the vendor contingent on the completion of certain critical construction milestones for the Clahane extension. TRIG's investment has been ﬁnanced using its revolving acquisition facility. The Project has been acquired from a consortium of private investors and has no third-party project debt.
The Company's net portfolio generating capacity (pro rata to its equity interests and following the completion of its construction assets) amounts to 876 MW. Of the overall portfolio, approximately 3% by value constitutes projects under construction.
Extension of Revolving Acquisition Facility
The Company has an active pipeline of further projects under review for potential acquisition. In order to fund further acquisitions, the Group has increased the size of its revolving acquisition facility from £150 million to £240 million. Alongside the Group's existing lenders, Royal Bank of Scotland plc and National Australia Bank Limited, ING Group are providing additional lending capacity. The facility continues to operate on the same terms with the expiry date unchanged at 30 September 2019.
Following the investment in the Clahane wind farm, TRIG is £148 million drawn on its revolving acquisition facility with £23 million of further construction and deferred payments expected to be made during 2018.
Richard Crawford, Director, Infrastructure at InfraRed Capital Partners, said:
"TRIG is delighted to have secured this significant additional project which provides long-term, stable feed-in-tariff revenues in the Republic of Ireland. By increasing its revolving acquisition facility, TRIG has enhanced its ability to access capital quickly and efficiently in order to capitalise on its promising pipeline."
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Tulchan Communications +44 (0) 20 7353 4200
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 58 renewables projects (including onshore and offshore wind, solar PV and power storage projects) in the UK and Northern Ireland, France and the Republic of Ireland, with aggregate net output capacity of 876 MW following completion of construction of the 20MW Broxburn project and the 14MW Clahane extension. 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.
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 130 professionals it manages in excess of USD10 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 70 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 long-standing signatory of the Principles of Responsible Investment under which InfraRed is rated A+, the highest level, for both infrastructure and real estate, as well as for overall strategy and governance.
Further details can be found on InfraRed's website at www.ircp.com.
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 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 10 countries and has over 1,900 employees engaged in renewables globally.
Further details can be found on RES' website at www.res-group.com.
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