TRIG buys into German offshore wind project

The Renewables Infrastructure Group (TRIG) on Monday said it was buying a 25% indirect stake in Gode Wind 1, a 330MW offshore wind farm located in the German North Sea, for an undisclosed sum.

TRIG said the investment would be financed from a combination of the proceeds of its recent fund raise and a drawdown of its revolving acquisition facility. Gode Wind 1 would represent approximately 8% of its portfolio.

Gode Wind 1, made up of of 55 Siemens Gamesa 6MW turbines, was developed and constructed by Ørsted which will continue to own 50% of the equity and provide operations & maintenance services under a 20 year contract.

The project is and supported by by a feed-in-tariff until November 2027, followed by a floor price for a further 10 years, TRIG said.

The investment is being acquired from Global Infrastructure Partners, TRIG said in a statement, adding that the stake would be held alongside funds managed by an unnamed institutional manager.

On completion, the non-UK share of TRIG's portfolio will be approximately 42%, including agreed commitments.

"The investment manager is actively pursuing a pipeline of attractive opportunities for the company within its European markets including in offshore wind," the company said.

"Such opportunities are likely to be of significant scale and therefore will involve investing alongside co-investors. The investment manager is developing a network of potential co-investors for TRIG and in order to maintain a balanced and diversified portfolio, the company may sell down a portion of its larger non-UK investments to such investors."