TRIG agrees to acquire German offshore wind farm
Investment outfit The Renewables Infrastructure Group has exchanged contracts to acquire a 36% interest in a 396-megawatt offshore wind farm located in the German North Sea.
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TRIG partnered with Dutch pension investor APG, which will acquire the remaining 64% of the Merkur Offshore project, and also intends to sell down a share to minority co-investors, leaving the firm with an approximate 25% stake in the project.
The FTSE 250 company's investment will be financed from a combination of the proceeds of its recent capital raising and a draw-down from its revolving acquisition facility.
Once completed, the investment will represent roughly 8% of TRIG's total portfolio value.
TRIG said Merkur comprises 66 GE Haliade-150 6-megawatt offshore wind turbines and also benefits from an "attractive" feed-in-tariff for the next 13.5 years, followed by a floor price for a further six years.
Chairman Helen May said: "The board of TRIG is delighted to announce the company's third offshore wind investment and our second investment in Germany.
"We are pleased to be growing our presence in the European offshore wind market which is making an increasingly important contribution to the decarbonisation of energy usage."
As of 0830 GMT, TRIG shares had ticked up 0.19% to 128.85p.