TIDMTRIG
RNS Number : 8277J
Renewables Infrastructure Grp (The)
21 August 2023
21 August 2023
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 three onshore wind farms
TRIG has exchanged contracts to sell three wind farms in the
Republic of Ireland for a combined consideration of c. EUR25m (the
"Disposal") to Statkraft. This represents a 26% premium to the
valuation of the wind farms as at 31 December 2022[1]. The
Disposals are subject to ordinary course clearances.
The Disposal is for 100% of TRIG's equity interest in three
older onshore wind farms (the "Projects"), with an aggregate
capacity of 35MW, that are nearing the end of their expected lives.
The profit on disposal reflects the development opportunity
available to the buyer for life extension and repowering.
Active management of the Projects by RES, the Operations
Manager, has improved operational performance. Value enhancement
measures included the proactive monitoring and refurbishing of
parts to reduce costs and minimise downtime; installation of
equipment and software for control and condition monitoring which
enhances performance; and the optimisation of power purchase
agreement terms to improve revenues.
During TRIG's ownership, which has been for approximately ten
years, the Projects generated enough clean energy to avoid c.
300,000 tonnes of carbon emissions.
Richard Crawford, Head of Energy Income Funds at InfraRed
said:
"Balance sheet discipline is crucial in a challenging
macro-economic environment. These accretive disposals underline the
quality of the Company's portfolio. We remain confident in TRIG's
long-term strategy and continue to actively seek ways to deliver
value for shareholders through capital allocation."
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
Denis Flanagan
BNP Paribas +44 (0) 20 7595 9444
Virginia Khoo
Carwyn Evans
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 over 2.4 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 and Seoul. 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 capital(1) 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 rating(2) for its
infrastructure business for seven consecutive assessments, having
secured a 5 star rating for the 2021 period. 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.
www.ircp.com
(1) Data as at Q4 2022. Equity Capital is calculated using a
5-year average FX rate.
(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
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 23GW in capacity. RES
supports over 12GW of operational assets worldwide for a large
client base. Headquartered in Hertfordshire, UK, RES is active in
11 countries and has over 2,500 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 .
[1] The most recent audited valuation, adjusted for cash
distributions received since 31 December 2022.
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