REG - Renew Infra Grp Ld - Acquisition of Operational Solar PV Site in Spain

Renewables InfrastructureAnnouncement

31/03/2022 14:00

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RNS Number : 8015G  Renewables Infrastructure Grp (The)  31 March 2022

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31 March 2022

The Renewables Infrastructure Group Limited

("TRIG" or "the Company", a London-listed investment company advised by
InfraRed Capital Partners ("InfraRed") as Investment Manager and RES
("Renewable Energy Systems") as Operations Manager)

Acquisition of an operational solar PV site in Spain

TRIG has acquired a 49% equity interest in Project Valdesolar, an operating
solar park in the province of Badajoz, Spain, (the "Project" or "Valdesolar"),
from Repsol ("Repsol"), a Spanish-listed global energy company.

Valdesolar represents approximately 3% of TRIG's portfolio, by value. Together
with the Cadiz solar projects, this acquisition further enhances TRIG's
technological and geographical diversification. Following this acquisition,
Spain represents 8% and solar PV 15% of the Company's portfolio.

 

Valdesolar, which has a total capacity of 264MW, has been operational since
December 2021. The Project generates enough clean energy to power the
equivalent of 140,000 homes.

 

Repsol developed and built Valdesolar, and will retain a 51% equity interest
in the Project. TRIG will have director representation at the project company
and strong minority-investor protections.

 

Valdesolar does not receive any government subsidies and TRIG will work with
Repsol to manage the Project's exposure to merchant power prices by
considering a range of power price hedging strategies. With the current
elevated levels in the wholesale power market, which are not assumed to
persist, the Investment Manager continues its prudent approach to
incorporating power price forecasts into investment valuations.

 

Richard Crawford, of InfraRed Capital Partners, said:

"We are very pleased to be partnering with Repsol on this large operating
solar project. Projects such as Valdesolar offer a route to improved energy
security and decarbonisation of the Spanish energy system.

 

Together with last year's investment in the Cadiz solar projects, Valdesolar
adds to TRIG's technological and geographic portfolio diversification. Once
the Cadiz solar projects are operational at the end of 2022, TRIG's solar
portfolio will have net generation capacity in excess of 500MW."

Enquiries

InfraRed Capital Partners
Limited                              +44 (0) 20
7484 1800

Richard Crawford

Phil George

Minesh Shah

Mohammed Zaheer

 

Maitland/AMO
+44 (0) 20 7379 5151

Rhys Jones

Charles Withey

Notes

The Company

The Renewables Infrastructure Group ("TRIG" or "the Company") 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 invested in a portfolio of wind, solar and battery storage projects
spread across the UK, Ireland, France, Germany, Spain and Sweden with
aggregate net generating capacity of 2.4GW, enough clean energy capable of
powering over 1.3 million homes and displacing over 1.6 million tonnes of
carbon emissions per annum. TRIG is seeking further suitable investment
opportunities which fit its stated Investment Policy.

Further details can be found on TRIG's website at www.trig-ltd.com
(http://www.trig-ltd.com) .

 

Investment Manager

 

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. It operates worldwide from offices in London, New York, Seoul
and Sydney. With 165 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.

 

Further details can be found on InfraRed's website at www.ircp.com
(http://www.ircp.com/) .

Operations Manager

 

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 40 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 22GW in capacity. RES supports over 9GW of operational assets worldwide
for a large client base. Headquartered in Hertfordshire, UK, RES is active in
10 countries and has over 3,000 employees engaged in renewables globally.

 

RES is an expert at optimising energy yields, with a strong focus on safety
and sustainability. Further details can be found on the website
at www.res-group.com (http://www.res-group.com/) .

 

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