LONDON: The Renewables Infrastructure Group (TRIG) has exchanged contracts to acquire a 100% interest in Blary Hill Energy Limited, with the rights to construct a 35MW wind farm located on the Kintyre Peninsula, West Scotland.
The investment is expected to complete during Q1 2020. The project, developed by RES, will consist of 14 Nordex N90 turbines. RES will construct the project, under a fixed price EPC Contract.
Construction is expected to start this quarter and the Project is expected to commence operations in Q1 2022. RES will provide asset management services.
The Project will create more than £3.9 million of inward investment for the local economy during the wind farm’s construction and first year of operation.
The Project’s revenues will be from selling power into the wholesale market without subsidy and as a result is being funded without any third-party project level debt.
Once constructed, the Project would represent approximately 2.5% of TRIG’s portfolio value on a committed investment basis. Following this acquisition, the percentage of TRIG’s assets which are in construction would be approximately 8%.
The Renewables Infrastructure Group (TRIG) is a leading London-listed renewable energy infrastructure investment company. The Company seeks to provide shareholders with an attractive long-term, income-based return with a positive correlation to inflation by focusing on strong cash generation across a diversified portfolio of predominantly operating projects. TRIG is targeting an aggregate dividend of 6.64 pence per Ordinary Share for the year to 31 December 2019.