The Board of TRIG is pleased to announce that the Company has acquired a 100% interest in the Tille et Venelle wind farm (“the Project”), a 40MW onshore wind farm project currently in construction in Burgundy, France. The Project was acquired from Envision Energy, a leading turbine manufacturer and developer head-quartered in China. TRIG has invested c. €30.0m, including construction cost and net of project level and secured a €52m project-level debt financing with NORD LB at the same time.
Tille et Venelle was developed by Velocita Energies, a Paris-based Envision Group company, which is currently managing the construction of the windfarm with oversight from RES. The Project is due to become operational during Q1 2020 and will comprise 16 Envision EN-131 turbines with a capacity of 2.5MW each.
Despite a significant market share in China, this is the first time that Envision turbines are imported and erected in Europe. Construction is already well underway, with the first dedicated turbines now exiting the production lines (see pictures below). A thorough technical due diligence has covered areas such as technology, supply chain, import, and certification risks.
The project benefits from a 15-year subsidy in the form of an inflation linked Contract for Difference with the utility company EDF which fixes the price to be paid for the power. As a result, the Project has no power price risk for the duration of the subsidy term.
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