Revolving Credit Facility
6 February 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
Revolving Credit Facility extended and expanded to £750m
The Board of TRIG announces that the Company has refinanced and increased its multi-currency revolving credit facility ('RCF'). The renewed RCF of £750m has been made available to TRIG for a three-year committed term expiring 31 December 2025 at improved pricing compared to the previous £600m facility. This extension supports the Company's strong balance sheet, with significant headroom alongside retained earnings both to satisfy development and construction commitments and to take advantage of other attractive investment opportunities. The RCF is currently £413m drawn.
The interest charged in respect of the renewed RCF continues to be linked to the Company's ESG performance. TRIG will incur a premium to, or reduction in, the margin and commitment fee based on performance against defined and stretching sustainability targets. The margin can vary between 180bps and 190bps over the prevailing base rate for Sterling and Euro borrowings, depending on TRIG's performance against the agreed sustainability targets.
The consortium of lenders is comprised of the following banks; National Australia Bank, Royal Bank of Scotland International, ING, Sumitomo Mitsui Banking Corporation, Barclays, Lloyds, BNP Paribas, ABN Amro, Skandinaviska Enskilda Banken and Intesa SanPaolo.
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Maitland/AMO +44 (0) 20 7379 5151
Investec Bank Plc +44 (0) 20 7597 4000
BNP Paribas +44 (0) 20 7595 9444
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.
InfraRed Capital Partners is an international infrastructure investment manager, with more than 180 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 capital1 for investors across the globe, across listed and private funds in 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 stars 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.
1 Data as at Q2 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
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.