The Renewables Infrastructure Group (TRIG) has paid an aggregate £19.1 million (€23.8 million; $32.6 million) for 100 percent of the equity interests in the UK’s Tallentire and Meikle Carewe onshore wind farms.
The assets, which have a combined generating capacity of 22 megawatts (MW), have been acquired from developer Renewable Energy Systems (RES) and form part of a “right of first offer” agreement between TRIG and RES which was agreed prior to TRIG’s £300 million IPO on the London Stock Exchange in July last year.
At the time of the IPO, TRIG’s portfolio was seeded with an initial 18 assets. Following the latest two acquisitions, it now has 24 projects in the portfolio. Tallentire and Meikle Carewe have been bought from existing cash resources and comprise two of the five investment projects identified in TRIG’s C share prospectus in March this year – only one of which has yet to be completed.
“The acquisition of these two projects under the right of first offer from RES allows TRIG to continue its growth momentum in both of the leading renewables technologies – wind and solar, and provides further scale to the portfolio,” said Richard Crawford of TRIG’s investment manager InfraRed Capital Partners, in a statement.
The 12MW Tallentire wind farm is located near Cockermouth in Cumbria, north-west England, and comprises six 2MW turbines. It became operational in May last year and has an expected 25-year operating life.
The Meikle Carewe farm, with 10.2MW of generating capacity, consists of 12 turbines located near Aberdeen in north-east Scotland. It became operational in July last year and also has a 25-year operating life.
The total generating capacity in TRIG’s portfolio now stands at 340MW, which it claims is the largest of the London-listed renewables investment companies.