22 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 two UK onshore wind farms
· Sale
of two Scottish assets at a premium to TRIG's valuation as at 31
December 2023
· TRIG's
third disposal transaction at a premium to NAV in seven
months
· Proceeds to be used to reduce Revolving Credit Facility
("RCF") borrowings
TRIG announces the sale of its 100%
equity interests in Forss and Little Raith onshore wind farms in
the UK for a total consideration of £51m. The sale is at a 4%
premium to the valuation of the wind farms as at 31 December
2023.
This disposal follows TRIG's recent
sale of Pallas wind farm and the sale of three onshore wind farms
in H2 2023, together raising a total of £125m. The transactions
form part of the Company's strategy to reduce its floating rate
debt. The Company expects to be able to reduce its RCF from £364m
at 31 December 2023 to c. £150m during 2024. The Company is also
reducing the size of its Revolving Credit Facility commitment from
£750m capacity to £600m.
The Forss and Little Raith projects,
located in Scotland with a total generation capacity of c. 32MW,
have been owned and operated by TRIG since 2013 and 2019
respectively.
Richard Crawford, Head of Energy
Income Funds at InfraRed said:
"TRIG has now sold six assets at an
average double-digit premium to their respective valuations at the
point of sale, underscoring our confidence in the Company's
portfolio valuation and the disconnect
between private and public market valuations for renewables
infrastructure."
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 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 190
professionals operating worldwide from offices in London, New York,
Sydney, Seoul and Madrid. Over the past 25 years, InfraRed has
established itself as a highly successful developer and custodian
of infrastructure assets that play a vital role in supporting
communities. InfraRed manages US$14bn+ of equity
capital1 for investors around the globe, in listed and
private funds across both income and capital gain
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 since 2011 and has achieved the highest
possible PRI rating2 for its infrastructure business for
seven consecutive 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 BentallGreenOak, a
global real estate investment management adviser, and Crescent
Capital, a global alternative credit investment asset
manager.
Further details can be found on
InfraRed's website at 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 24GW of renewable energy
projects across the globe and plans to bring more than 22GW 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.