The Renewables Infrastructure Group (TRIG) has acquired the 25.3-megawatt (MW) Taurbeg wind farm in the Republic of Ireland for €17.3 million subject to certain earn-out provisions.
The deal marks TRIG’s ninth in 2014, during which it has increased its aggregate generating capacity by more than 50 percent and taken its total project investments to 29. The firm now has 439MW of aggregate installed capacity in onshore wind and solar in the UK, France and Republic of Ireland.
Taurbeg, which has been operational since March 2006, is located near Newmarket in County Cork having been developed by RES Group (with whom TRIG has a ‘right of first offer’ agreement) and has 11 Siemens wind turbines each with a capacity of 2.3MW. It has a power purchase agreement with SSE Airtricity, an international wind farm developer.
Richard Crawford of InfraRed Capital Partners, TRIG’s investment manager, described Taurbeg in a statement as an “unlevered project with an attractive yield and operating history”.
In August, TRIG paid £73.7 million (€92.5 million; $123.9 million) for three large-scale operational solar photovoltaic projects on agricultural sites in the south and east of England.
InfraRed launched TRIG last year in partnership with RES Group. The fund, which raised £300 million through an IPO in June 2013, targets a 6 percent initial dividend yield and an IRR of 8 to 9 percent.
In March, it raised an additional £66.2 million via a C share issue, short of its £85 million original target.