TRIG announces acquisition of Grönhult onshore wind farm in Sweden

LONDON: Board of The Renewables Infrastructure Group Limited (TRIG) announced the Company has acquired Grönhult, a 67.2 MW ready-to-build onshore wind farm located in the southwest of Sweden.

Grönhult is being acquired from Vattenfall, the leading Swedish utility and a major developer of renewables, who will also manage the construction process.

The Project will consist of 12 Vestas 5.6MW turbines with construction starting in Q2 2021. The Project is expected to become operational at the end of Q4 2022.

On completion, the Project is expected to represent approximately 3% of TRIG’s portfolio value on a fully committed basis and investments in Sweden will account for 10% of TRIG’s portfolio.

This acquisition takes the Company’s exposure to construction projects to approximately 6% of the portfolio value.

Grönhult will receive market based revenues once operational and the Investment Manager will consider a range of power price hedging strategies.

The Project is expected to benefit from increasing electricity demand through greater electrification of transport and the expansion of other energy intensive industries such as data centres in and around Stockholm and Gothenburg. Construction will be funded through equity investment rather than with project debt.

Richard Crawford, Director, Infrastructure at InfraRed Capital Partners, said: “We are pleased to expand our presence in Sweden with high quality partners. The Nordic region represents a key market for the Company with a strong pipeline and favourable economics for onshore wind.”

TRIG’s Investment Manager is InfraRed Capital Partners Limited (“InfraRed”) which has successfully invested in over 200 infrastructure projects since 1997. InfraRed is a leading international investment manager focused on infrastructure and real estate.

It operates worldwide from offices in London, Hong Kong, New York, Seoul, Sydney and Mexico City. With over 190 professionals it manages in excess of USD 12 billion of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed is authorised and regulated by the Financial Conduct Authority.

The infrastructure investment team at InfraRed consists of over 85 investment professionals, all with an infrastructure investment background and a broad range of relevant skills, including private equity, structured finance, construction, renewable energy and facilities management.

InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment. www.ircp.com

TRIG’s Operations Manager is RES (Renewable Energy Systems), the world’s largest independent renewable energy company.

RES has been at the forefront of wind energy development for over 38 years, with the expertise to develop, engineer, construct, finance and operate projects around the globe. RES has developed or constructed onshore and offshore wind, solar, energy storage and transmission projects totalling more than 17GW in capacity. RES supports over 6.3GW of operational assets worldwide for a large client base.

Headquartered in Hertfordshire, UK, RES is active in 10 countries and has over 2,000 employees engaged in renewables globally. RES is an expert at optimising energy yields, with a strong focus on safety and sustainability. www.res-group.com

The Renewables Infrastructure Group (TRIG) is a leading London-listed renewable energy infrastructure investment company. www.trig-ltd.com