Investment Firm TRIG Acquires Stake in 714 MW East Anglia One Wind Farm

TRIG, a London-listed investment company, will acquire a 14.3 percent stake in the 714 MW East Anglia One offshore wind farm from GIG.

The Renewables Infrastructure Group Limited (TRIG), a London-listed investment company advised by InfraRed Capital Partners and RES, has announced that it has exchanged contracts to acquire a 14.3 percent indirect equity interest/ stake in East Anglia One, a 714 MW newly constructed operational offshore wind farm located off the coast of Suffolk in the North Sea, from Macquarie’s Green Investment Group (GIG).

The investment has been made in a 50 percent interest in the holding company through which GIG’s initial investment was made. The investment is subject to consent from The Crown Estate and is expected to complete by Q1 2021. Following the completion of the transaction, offshore wind investments are expected to represent approximately 29 percent of TRIG’s portfolio.

TRIG has partnered with InfraRed European Infrastructure Income Fund 4 (IREIIF4) for the transaction, a fund managed by InfraRed, which will acquire a 5.7 percent indirect equity interest in the project alongside TRIG. This is consistent with TRIG’s strategy of partnering with aligned co-investors on larger transactions. TRIG’s investment will be financed from a combination of its existing cash balance and a drawdown from the Group’s revolving acquisition facility.

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The Project was developed by ScottishPower Renewables, a subsidiary of Iberdrola, a global energy leader with 34 GW of installed renewables capacity. The turbines utilise Siemens’ direct drive technology, with Siemens providing maintenance services in relation to the turbines under an initial contract with the Project. The Project benefits from an attractive Contract-for-Difference (CfD) subsidy for the next 15 years with inflation indexation.

Helen Mahy, CBE, Chairman of TRIG, said “we are delighted to be investing in this high-quality asset which marks our continued commitment to supporting the global transition to a more sustainable future and to be joining with such well-established and respected partners in Green Investment Group and ScottishPower Renewables. East Anglia One is TRIG’s fourth investment in the offshore wind sector and its second offshore wind investment in the UK. Offshore wind is essential to the UK meeting its 2050 net-zero targets.”

The investment, the firm claims, fits well into its investment strategy, providing subsidised revenues for the next 15 years, lowering overall power price sensitivity of the portfolio and strengthening the Company’s position in the attractive offshore wind market. Offshore wind projects will be crucial to the UK’s ambition to meet net-zero carbon emissions by 2050, and East Anglia One provides enough clean energy to power the equivalent of more than 630,000 homes.

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