TRIG buys majority stake in French solar project

The listed fund is paying €10.6m for a 12MW ground-mounted plant in the south of France, taking its portfolio to 686MW.

The Renewables Infrastructure Group (TRIG), backed by InfraRed Capital Partners, has paid €10.6 million for a 51 percent stake in a ground-mounted solar plant in the south of France.

The 12MW project was purchased from funds managed by 123Venture. The latter, together with Elyseum Investment, founded private equity firm RIVE Private Investment in 2013. The solar plant was built by French developer Akuo Energy Group, which will continue to hold the remaining 49 percent of the asset. TRIG will use its revolving acquisition facility to fund the deal.

The plant has a long-term, index-linked power purchase agreement with EDF until 2032 and will take TRIG’s net generating capacity to 686MW. TRIG portfolio operations manager RES will sit on the project’s board.

TRIG was launched in 2013, when it first offered 300 million ordinary shares on the London Stock Exchange. The capital raised in its initial public offering allowed it to buy 18 onshore wind and solar assets in the UK, France and Ireland.