InfraRed managed funds acquire Twin Peaks onshore wind farms, Sweden

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Category Infrastructure / Sweden
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Teneo

Matthew Thomlinson / Jesse Mathews

IRCP@teneo.com

+44 7785 528 363

InfraRed Capital Partners (“InfraRed”), on behalf of its latest infrastructure income fund in Europe ( the “Fund”), and The Renewables Infrastructure Group (“TRIG”) have committed to acquire two onshore pre-construction wind farms in Sweden, Twin Peaks (the “Project”). Each fund has committed to 50% interest and the acquisition is expected to complete by July 2021, subject to certain conditions being satisfied including entering into final construction agreements.

The asset has been sourced bilaterally building on InfraRed's existing relationship with Arise, an active developer of projects in the Nordics and UK.

The Project is located in central Sweden, near Sollefteå and about 100km from Östersund, in the SE2 Nord Pool price area, and is comprised of two construction-ready wind farms with a combined capacity of 242MW. Construction is expected to commence in Q3 2021 and to be completed in the first half of 2024. On completion, the Project will consist of 39 Siemens 6.2MW and will provide enough clean energy to power over 45,000 homes.

The Project will receive market-based revenues once operational and will be fully funded with equity. A range of revenue fixes and power price hedging strategies will be considered reducing its sensitivity to power prices whilst providing an attractive return on a risk-adjusted basis.

This project is a second investment for the Fund, following the acquisition of East Anglia One offshore wind farm in 2020. The investment fits well into Fund’s strategy to invest in high-quality core infrastructure and renewable energy projects in Europe. The project is also a significant achievement for TRIG which on completion of the transaction will represent 4.5% of TRIG’s portfolio, and increase the portion of investments in Sweden to 15%.

 

InfraRed Capital Partners

InfraRed Capital Partners is an international investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, New York, Sydney, Seoul and Mexico City. With around 200 professionals, it manages US$12bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed Capital Partners is authorised and regulated in the UK by the Financial Conduct Authority.

InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed has been a signatory of the Principles of Responsible Investment since 2011 and has been awarded triple A+ score in 2019 PRI assessment.

InfraRed is a part of SLC Management which is the institutional alternatives and traditional asset management business of Sun Life. Over the past 30 years InfraRed has established itself as a highly successful developer and custodian of core infrastructure, renewable energy and real-estate assets that play a vital role in supporting sustainable communities.

 

The Renewables Infrastructure Group Limited (TRIG)

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 over 75 wind, solar and battery storage projects with aggregate net generating capacity of over 1.9GW, enough renewable power for over one million homes and displacing over 1.3 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.