TIDMTRIG
RNS Number : 6904Y
Renewables Infrastructure Grp (The)
08 September 2022
8 September 2022
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
Battery storage investment
The Company has exchanged contracts to acquire the right to
develop three battery storage sites in the North of England. Two of
the projects, which when built will total c.165MW with a two-hour
duration, are scheduled for grid connection and commencement of
operations in 2024 and 2025. The third site, which has a capacity
for c.85MW also with a two-hour duration, will be built later in
line with its grid connection date, which is in 2029, although it
may be possible to bring this date forward.
This is a key milestone for the Company and builds on the
strategy laid out at the Capital Markets Seminar held in April 2022
to complement the renewable generation assets in the portfolio with
flexible capacity. Utility scale batteries such as these provide
grid supporting services and trade in the wholesale power market,
with both activities helping to stabilise the electricity
system.
Flexible capacity projects diversify TRIG's portfolio as their
revenues are expected to have a low correlation to the absolute
level of wholesale power prices received by renewables generators.
In order to provide greater revenue optionality, the battery
storage is being configured as a two-hour energy storage system,
which is at the longer end of most existing installations. This
configuration expands the project revenue stack by extending the
trading options available in the wholesale market, which is deeper
than the ancillary services market.
The sites, which have been developed by and acquired from Aura
Power Developments Limited, each have land rights, planning
permission and grid connection agreements secured. RES is being
contracted to progress the development of the projects through the
procuring of equipment and construction. The Managers (InfraRed and
RES) are mindful of the sustainability considerations in relation
to battery storage equipment, particularly in relation to the
supply-chain, which will be reflected in the procurement framework.
Both Managers have significant experience in the flexible capacity
market extending back over a decade.
Once the first two projects are built (expected in 2025) the
investment will represent approximately 4% of the portfolio, by
value.
Richard Crawford, of InfraRed Capital Partners, said:
"Greater deployment of flexible capacity and renewable
generation are crucial components in addressing energy security,
decarbonisation and energy affordability. For TRIG, the addition of
battery storage into an already diversified generation portfolio
further reduces revenue variability, and draws on the deep
expertise of InfraRed and RES of investing in and delivering
development-stage projects."
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Richard Crawford
Phil George
Minesh Shah
Mohammed Zaheer
Maitland/AMO +44 (0) 20 7379 5151
Rhys Jones
Charles Withey
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 2.4GW; enough renewable power for 1.7
million homes and to avoid over 2 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
The Investment Manager to HICL is InfraRed Capital Partners
Limited ("InfraRed") which has successfully invested in
infrastructure projects since 1997. InfraRed is a leading
international investment manager, operating worldwide from offices
in London, New York, Seoul and Sydney and managing 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
100 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 www.ircp.com
.
Operations Manager
TRIG's Operations Manager is RES (" Renewable Energy Systems"),
the world's largest independent renewable energy company.
RES has been at the forefront of wind energy development for
over 40 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 22GW in capacity. RES
supports over 9.5GW of operational assets worldwide for a large
client base. Headquartered in Hertfordshire, UK, RES is active in
11 countries and has over 3,000 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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