REG - Renew Infra Grp Ld - Acquisition of a 51% interest in a French solar.. <Origin Href="QuoteRef">TRIG.L</Origin>

Renewables InfrastructureAnnouncement

11/07/2016 07:05

RNS Number : 7473D
Renewables Infrastructure Grp (The)
11 July 2016
11 July 2016
The Renewables Infrastructure Group Limited
("TRIG" or the "Company")
Acquisition of a 51% interest in a French solar project 
 TRIG has entered into a binding sale and purchase agreement to acquire a 51.0% interest in a 12MW ground-mounted solar photovoltaic plant, in the South of France (the "Transaction")
 The Transaction increases the aggregate net generating capacity of TRIG's portfolio to 686MW
 TRIG continues its strategy of investing in long-term income-producing operating projects diversified by geography, power market and technology
The Board of TRIG is pleased to announce the acquisition of a 51.0% interest in an operating (brownfield) ground-mounted solar photovoltaic plant ("Midi" or the "Project") in Provence, France with 12MW of gross generating capacity from investment funds managed by 123Venture for a consideration of 10.6 million. 
Midi was commissioned in 2012 and was constructed by Akuo Energy Group ("Akuo"), a leading French independent renewable energy producer. The panels were manufactured by SunPower. Akuo, an existing investment partner alongside TRIG in French solar parks, will continue to hold a 49.0% interest in the Plant and is contracted to provide operation and maintenance services. RES, TRIG's portfolio operations manager, will represent TRIG on the Project's board.
The Project benefits from a power purchase agreement with EDF expiring in 2032, providing fixed, long-term, index-linked revenue streams to TRIG. 
Completion will be subject to certain lending consents and the Transaction will be funded by TRIG's revolving acquisition facility. The Transaction is in line with TRIG's published investment policy.
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Richard Crawford
Matt Dimond
Tulchan Communications +44 (0) 20 7353 4200
Doug Campbell
Latika Shah

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