TIDMTRIG
RNS Number : 7564K
Renewables Infrastructure Grp (The)
06 September 2021
f
6 September 2021
The Renewables Infrastructure Group Limited
("TRIG" or "the Company", a London-listed investment company
advised by InfraRed Capital Partners ("InfraRed") as Investment
Manager and RES ("Renewable Energy Systems") as Operations
Manager)
Acquisition of four solar PV sites in Spain
The Board of TRIG is pleased to announce that the Company has
exchanged contracts to acquire a 100% interest in four solar PV
sites in the province of Cadiz, Spain, with a total capacity of
234MW (collectively the "Projects"). Completion of the acquisition
is subject to certain conditions being satisfied. The transaction
is expected to complete in respect of three projects that are
ready-to-build in Q3 2021. The fourth project is expected to
complete in Q1 2022 once development activities are finalised and
it is ready-to-build.
This solar investment in Spain adds to TRIG's technological and
geographical diversification, including diversification of power
markets and weather systems. These projects do not rely on
government subsidy and the Investment Manager will consider a range
of power price hedging strategies to manage their exposure to
changes in merchant power prices.
The Projects have been developed and are being built by
Statkraft (a major Norwegian state-owned utility). The Projects are
expected to complete construction in Q4 2022. Through contractual
measures put in place, TRIG will not bear any construction risk as
part of this transaction - notably due to a right to put any of the
four projects back to Statkraft in the event that a project is not
successfully commissioned by its respective long stop date.
Whilst this is a first investment in Iberia for TRIG, InfraRed
has significant experience in the region and is currently managing
an investment in a c. 600MW solar development platform in
Spain.
Sustainability considerations are core to InfraRed's investment
process. They are particularly pertinent to the Managers'
assessment of this investment given the challenges associated with
the supply chain of solar panel manufacturing. On-site tracing of
components and confirmation of the practical application of codes
of conduct will be undertaken during the manufacture of the panels
to be used in these projects. This work is being overseen by an
engineering and technical support services company that specialises
in the solar PV and energy storage sectors.
On completion, these projects are expected to represent
collectively approximately 6% of TRIG's portfolio value. The
investment will be funded from any of the Company's revolving
credit facility, retained earnings or capital raised from equity
issuance*. The revolving credit facility is currently approximately
GBP141 million drawn, following investments made earlier in the
year.
Following the completion of the acquisition of the Projects, the
Company's revolving credit facility is expected to be drawn
approximately GBP200m. The Company will also have outstanding
commitments of approximately GBP285m due over the next three years
relating to projects in construction.
Helen Mahy CBE, Chairman of TRIG, said:
"This first investment in the Iberian region is a landmark for
TRIG, and complements the existing portfolio. It builds on the
portfolio's technological and geographic diversification, which are
key to long-term portfolio resilience."
Richard Crawford, Director, Infrastructure, InfraRed, said:
"Having evaluated a number of investment opportunities over the
last 12 months to add solar in Iberia to TRIG's portfolio, we are
pleased to have entered into this strategic partnership with
Statkraft; who, having developed these four sites, will stay on to
deliver the projects through the construction phase and share our
approach to supply chain verification."
*On 31 August 2021, the Company announced a further placing of
ordinary shares under its share issuance programme prospectus,
published on 5 March 2021 (the "Prospectus"). Further details can
be found in the announcement and Prospectus.
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 over 80 wind, solar and
battery storage projects with aggregate net generating capacity of
over 2.2GW, enough renewable power for over one million homes and
displacing over 1.3 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
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, Sydney and Mexico City. With over 190
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
85 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"),
the world's largest independent renewable energy company.
RES has been at the forefront of wind energy development for
over 39 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 21GW in capacity. RES
supports over 7.5GW of operational assets worldwide for a large
client base. Headquartered in Hertfordshire, UK, RES is active in
10 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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