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12 March 2024
The Renewables Infrastructure Group
Limited
"TRIG" or "the Company", a
London-listed investment company advised by InfraRed Capital
Partners ("InfraRed") as Investment Manager and Renewable Energy
Systems ("RES") as Operations Manager.
Disposal of an Irish onshore wind farm
TRIG is pleased to announce
that it has exchanged contracts for the
sale of its 100% equity interest in Pallas, an onshore wind farm
located in the Republic of Ireland, for a consideration of €62m.
The proceeds from the sale represent a 15% premium to that included
in the Company's last published Portfolio Valuation as at 31
December 2023 and will be applied to reduce borrowings under the
Company's Revolving Credit Facility. The sale is subject to
ordinary course clearances.
This disposal is part of TRIG's
continued focus on strategic asset rotation to enhance overall
portfolio construction and performance. A detailed review and
screening process is employed to identify potential disposals,
taking into account the impact on the diversification of revenues,
technologies and geographies.
Constructed in 2008, Pallas was
acquired by TRIG in early 2018. TRIG completed a site extension
shortly thereafter, increasing total generation capacity to
51.6MW.
Richard Crawford, Head of Energy
Income Funds at InfraRed said:
"We are pleased to successfully
conclude another divestment at a premium to NAV. These accretive
disposals demonstrate support for the Company's portfolio
valuation, and our emphasis on balance sheet
discipline."
Enquiries
InfraRed Capital Partners
Limited
+44 (0) 20 7484 1800
Richard Crawford
Phil George
Minesh Shah
Mohammed Zaheer
Brunswick
+44 (0) 20 7404 5959 / TRIG@brunswickgroup.com
Mara James
Investec Bank
Plc
+44 (0) 20 7597 4000
Lucy Lewis
Tom Skinner
BNP Paribas
+44
(0) 20 7595 9444
Virginia Khoo
Carwyn Evans
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 invested in a portfolio of
wind, solar and battery storage projects across six countries in
Europe with aggregate net generating capacity of over 2.8GW; enough
renewable power for 1.9 million homes and to avoid 2.3 million
tonnes of carbon emissions per annum. 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
InfraRed Capital Partners is an
international infrastructure investment manager, with more than 170
professionals operating worldwide from offices in London, New York,
Sydney, Seoul and Madrid. Over the past 25 years, InfraRed has
established itself as a developer and steward of infrastructure
assets that play a role in supporting communities. InfraRed manages
US$14bn of equity capital1 for investors around the
globe, in listed and private funds across both core and value-add
strategies.
A long-term sustainability-led
mindset is integral to how InfraRed operates as it aims to achieve
lasting, positive impacts and deliver on its vision of Creating
Better Futures. InfraRed has been a signatory of the Principles of
Responsible Investment ("PRI")2 since 2011 and has
achieved the highest possible infrastructure rating for eight
consecutive PRI assessments, having secured a 5-star rating for the
2023 period3. It is also a member of the Net Zero Asset
Manager's Initiative and is a TCFD supporter.
InfraRed is part of SLC Management,
the institutional alternatives and traditional asset management
business of Sun Life. InfraRed represents the infrastructure equity
arm of SLC Management, which also incorporates BGO, a global real
estate investment management adviser, and Crescent Capital, a
global alternative credit investment asset manager.
www.ircp.com
[1] Uses
5-year average FX as at 30th September 2023 of GBP/USD of 1.2944;
EUR/USD 1.1291. EUM is USD 13.597m
2 Principles
for Responsible Investment ("PRI") ratings are based on following a
set of Principles, including incorporating ESG issues into
investment analysis, decision-making processes and
ownership policies. More information is available
at https://www.unpri.org/about-the-pri
3 In the 2023
Principles for Responsible Investment ("PRI") assessment, InfraRed
achieved a 5 star rating for the Policy Governance and Strategy and
Infrastructure and a 4 star rating for the newly created Confidence
Building Measures. Please find InfraRed's report available for
download on our website here:
https://www.ircp.com/sustainability/
Operations Manager
TRIG's Operations Manager is RES
("Renewable Energy Systems"), the world's largest independent
renewable energy company.
RES is the world's largest
independent renewable energy company, working across 24 countries
and active in wind, solar, energy storage, biomass, hydro, green
hydrogen, transmission, and distribution. An industry innovator for
over 40 years, RES has delivered more than 24 GW of renewable
energy projects across the globe and plans to bring more than 22 GW
of new capacity online in the next five years.
As a service provider, RES has the
skills and experience in asset management, operations and
maintenance (O&M), and spare parts - supporting 41GW of
renewable assets across 1,300 sites. RES brings to the market a
range of purposeful, practical technology-based products and
digital solutions designed to maximise investment and deployment of
renewable energy. RES is the power behind a clean energy future
where everyone has access to affordable zero carbon energy bringing
together global experience, passion, and the innovation of its
4,500 people to transform the way energy is generated, stored and
supplied.
Further details can be found on the
website at www.res-group.com.