Fundraising

The Renewables Infra Group in £246m wind deal

The fund manager has bought an equity stake in six onshore wind farms, boosting its portfolio’s capacity by 48%.

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InfraRed Capital Partners’ The Renewables Infrastructure Group (TRIG) has bought a stake in six Scottish onshore wind farms, boosting its portfolio’s generating capacity by 48 percent.

The deal will see TRIG pay £246 million ($388 million; €346 million) for a 49 percent stake in the wind farms, which were developed by Fred Olsen Renewables. The latter will operate the wind farms, which have a combined capacity of 433MW and are backed by the UK’s outgoing Renewable Obligation framework.

TRIG is funding the acquisition with a mixture of equity and debt from Royal Bank of Scotland and National Australia Bank.

Following the acquisition, TRIG’s portfolio will have a generating capacity of 658MW. It is now comprised of 36 projects, 74 percent of which are onshore wind projects, with the remaining 26 percent being solar.

“This is a major expansion in the size of TRIG’s business, increasing the portfolio by approximately half,” commented TRIG director Richard Crawford.

TRIG said it intends to raise new equity in the market, with a placing to be announced shortly. In late March, the fund raised £102.25 million in equity.

This article was first published on Low Carbon Energy Investor.