The Renewables Infrastructure Group Limited - Acquisition of Garreg Lwyd Hill Wind Farm
The Renewables Infrastructure Group Limited (TRIG), managed by InfraRed Capital Partners, is pleased to announce the acquisition of a 100% interest in Garreg Lwyd Hill Wind Farm ("Garreg Lwyd Hill" or the "Project") in Powys, Wales. Investment in the Project, an operational onshore wind farm with 34MW of generating capacity, increases TRIG's portfolio to 55 projects with aggregate net generating capacity of approximately 754MW.
Garreg Lwyd Hill is in a high wind-speed location and includes 17 Vestas V100 turbines each with a rated capacity of 2.0MW. The Project has been acquired from TRIG's Operations Manager, RES, pursuant to TRIG's right of first offer agreement, without third-party project debt for a total consideration of approximately £100 million including working capital and subject to small contingent post-close adjustments. This newly operational Project qualifies for the UK's ROC support scheme. The Project has a long-term O&M agreement with Vestas, which includes production performance incentives, and a power purchase agreement with Shell Energy.
TRIG's investment in the Project has been ?nanced from the proceeds of the recent equity raising under TRIG's share issuance programme.
Richard Crawford, Director, Infrastructure at InfraRed Capital Partners, said:
"InfraRed is delighted to have secured this significant additional project for TRIG. Garreg Lwyd Hill is the first investment by TRIG in Wales and is one of the last projects to be constructed under the UK's successful ROC regime for onshore wind."
Please follow the link for the RNS issued by TRIG.