The Renewables Infrastructure Group Limited Completes Solar Acquisition
New solar acquisition takes TRIG to thirty investments
- Expansion of TRIG's portfolio with the acquisition of the Four Burrows Solar Park ("Four Burrows") in Cornwall, South-West England with a generating capacity of approximately 7.2MW
- TRIG's portfolio now totals 30 project investments (18 onshore wind and 12 solar PV) with approximately 446 MW of aggregate installed capacity across the UK, France and Ireland.
Richard Crawford of InfraRed Capital Partners, TRIG's Investment Manager, said: "We are pleased to announce the addition of a further solar PV project to the TRIG portfolio taking our portfolio total to 30 projects. With a strong base of 30 fully operational onshore wind and solar PV projects in the UK, Ireland and France, TRIG is well-positioned to provide investors with the benefits of further scale and diversification through judicious portfolio acquisitions in our markets of focus."
TRIG announces the acquisition of Four Burrows, an operational solar park near Truro, Cornwall for a cash consideration of approximately £8.6 million plus working capital. TRIG has acquired an 100% interest in the site which has an approximate generating capacity of 7.2 MW.
The vendor and developer of the project is Renewable Energy Systems (RES), TRIG's Operations Manager. The transaction, acquired under TRIG's Right of First Offer Agreement with RES, has been approved by TRIG's Investment Committee (comprised wholly of senior members of InfraRed Capital Partners, the Company's Investment Manager).
The project uses Renesola PV panels and has been operational since January 2015. It has a 25-year operational life. The acquisition price is subject to adjustment should the project not qualify as expected for accreditation under the UK's 1.4 ROC per MWh renewables support mechanism. Operations and maintenance services are provided by Oskomera Solar Power Solutions, with a long-term power purchase agreement in place with an investment grade UK utility. The acquisition of Four Burrows was funded by a draw-down under the Group's £120 million revolving acquisition facility. The acquired project has no third party debt.