REG - Renew Infra Grp Ld - Disposal of an Irish onshore wind farm

Renewables InfrastructureAnnouncement

12/03/2024 07:15

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RNS Number : 4263G  Renewables Infrastructure Grp (The)  12 March 2024

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12 March 2024

The Renewables Infrastructure Group Limited

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

Disposal of an Irish onshore wind farm

TRIG is pleased to announce that it has exchanged contracts for the sale of
its 100% equity interest in Pallas, an onshore wind farm located in the
Republic of Ireland, for a consideration of €62m. The proceeds from the sale
represent a 15% premium to that included in the Company's last published
Portfolio Valuation as at 31 December 2023 and will be applied to reduce
borrowings under the Company's Revolving Credit Facility. The sale is subject
to ordinary course clearances.

This disposal is part of TRIG's continued focus on strategic asset rotation to
enhance overall portfolio construction and performance. A detailed review and
screening process is employed to identify potential disposals, taking into
account the impact on the diversification of revenues, technologies and
geographies.

Constructed in 2008, Pallas was acquired by TRIG in early 2018. TRIG completed
a site extension shortly thereafter, increasing total generation capacity to
51.6MW.

Richard Crawford, Head of Energy Income Funds at InfraRed said:

"We are pleased to successfully conclude another divestment at a premium to
NAV. These accretive disposals demonstrate support for the Company's portfolio
valuation, and our emphasis on balance sheet discipline."

Enquiries

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

Richard Crawford

Phil George

Minesh Shah

Mohammed Zaheer

 

Brunswick
+44 (0) 20 7404 5959 / TRIG@brunswickgroup.com

Mara James

 

Investec Bank
Plc
+44 (0) 20 7597 4000

Lucy Lewis

Tom Skinner

 

BNP Paribas
                                                    +44
(0) 20 7595 9444

Virginia Khoo

Carwyn Evans

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
across six countries in Europe with aggregate net generating capacity of over
2.8GW; enough renewable power for 1.9 million homes and to avoid 2.3 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

 

InfraRed Capital Partners is an international infrastructure investment
manager, with more than 170 professionals operating worldwide from offices in
London, New York, Sydney, Seoul and Madrid. Over the past 25 years, InfraRed
has established itself as a developer and steward of infrastructure assets
that play a role in supporting communities. InfraRed manages US$14bn of equity
capital(1) for investors around the globe, in listed and private funds across
both core and value-add strategies.

A long-term sustainability-led mindset is integral to how InfraRed operates as
it aims to achieve lasting, positive impacts and deliver on its vision of
Creating Better Futures. InfraRed has been a signatory of the Principles of
Responsible Investment ("PRI")(2) since 2011 and has achieved the highest
possible infrastructure rating for eight consecutive PRI assessments, having
secured a 5-star rating for the 2023 period(3). It is also a member of the Net
Zero Asset Manager's Initiative and is a TCFD supporter.

InfraRed is part of SLC Management, the institutional alternatives and
traditional asset management business of Sun Life. InfraRed represents the
infrastructure equity arm of SLC Management, which also incorporates BGO, a
global real estate investment management adviser, and Crescent Capital, a
global alternative credit investment asset manager.

 

www.ircp.com (http://www.ircp.com/)

 

 1  Uses 5-year average FX as at 30th September 2023 of GBP/USD of 1.2944;
EUR/USD 1.1291. EUM is USD 13.597m

2 Principles for Responsible Investment ("PRI") ratings are based on following
a set of Principles, including incorporating ESG issues into investment
analysis, decision-making processes   and ownership policies. More
information is available at https://www.unpri.org/about-the-pri
(https://www.unpri.org/about-the-pri)

3 In the 2023 Principles for Responsible Investment ("PRI") assessment,
InfraRed achieved a 5 star rating for the Policy Governance and Strategy and
Infrastructure and a 4 star rating for the newly created Confidence Building
Measures. Please find InfraRed's report available for download on our website
here: https://www.ircp.com/sustainability/

Operations Manager

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

RES is the world's largest independent renewable energy company, working
across 24 countries and active in wind, solar, energy storage, biomass, hydro,
green hydrogen, transmission, and distribution. An industry innovator for over
40 years, RES has delivered more than 24 GW of renewable energy projects
across the globe and plans to bring more than 22 GW of new capacity online in
the next five years.

As a service provider, RES has the skills and experience in asset management,
operations and maintenance (O&M), and spare parts - supporting 41GW of
renewable assets across 1,300 sites. RES brings to the market a range of
purposeful, practical technology-based products and digital solutions designed
to maximise investment and deployment of renewable energy. RES is the power
behind a clean energy future where everyone has access to affordable zero
carbon energy bringing together global experience, passion, and the innovation
of its 4,500 people to transform the way energy is generated, stored and
supplied.

Further details can be found on the website at www.res-group.com
(http://www.res-group.com/) .

 

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