TINC in third Belgian wind deal

The Euronext Brussels-listed firm has also handed more capital to a solar-focused portfolio company and has now spent two-thirds of its IPO proceeds.

TINC, the Euronext Brussels-listed infrastructure investment firm, has invested in Belgian wind farm Nobelwind and increased its interest in Solar Finance, a solar-focused existing portfolio company.

Nobelwind is a new offshore wind farm off the coast of Zeebrugge, which is located next to Belwind, a wind farm previously financed by TINC. It comprises 50 Vestas turbines, each accounting for 3.3 megawatts (MW) and a total of 165MW.

TINC has invested €3 million in a subordinated loan issued by Nobelwind NV, ranking senior to the equity, which is the owner and operator of the wind farm. It is a co-investment with others including unlisted infrastructure company DG Infra Yield and the shareholders of Nobelwind.

The deal represents TINC’s third investment in the Belgian offshore wind sector following the earlier financings of Belwind and Northwind, which is located in the North Sea.

TINC has also increased its holding in existing portfolio company, Solar Finance, with an investment of approximately €4 million. The deal involved a refinancing of the firm’s existing bank facilities and leaves TINC holding 87 percent of the shares. Solar Finance holds and operates decentralised energy production units that deliver power to industrial clients at 48 locations in Flanders.

The latest deals mean Antwerp-based TINC has now invested around €25 million in new and existing companies, accounting for approximately two-thirds of the funding which it set aside for investment following its €110 million initial public offering (IPO) in May this year.

TINC is a subsidiary of TDP, which was established in 2007 as a joint venture between Belgian bank Belfius and Belgian investment firm GIMV. TDP was previously known as DG Infra and TINC as DG Infra+.