REG - Renew Infra Grp Ld - Revolving Credit Facility refinanced and reduced

Renewables InfrastructureAnnouncement

05/02/2025 13:00

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RNS Number : 0507W  Renewables Infrastructure Grp (The)  05 February 2025

 

 

5 February 2025

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.

Revolving Credit Facility refinanced and reduced

TRIG announces that the Company has refinanced and reduced the size of its
multi-currency Revolving Credit Facility ("RCF"). The renewed RCF of £500m
has been made available to TRIG for a three-year committed term expiring 31
March 2028 at improved pricing compared to the previous £600m facility.
This refinancing supports the Company's strong balance sheet. The RCF was
£309m drawn as at 31 December 2024. It is expected that proceeds will be
received in late February 2025 from the sale of a 15.2% stake in Gode offshore
wind farm, which was announced 1 August 2024, and upon receipt the RCF balance
will reduce to c. £230m.

The margin charged in respect of the renewed RCF continues to be linked to the
Company's ESG performance. TRIG will incur a premium to or receive a reduction
in the margin and commitment fee based on performance against updated ESG
targets. The margin is 175bps over the prevailing reference rate for Sterling
and Euro borrowings, prior to adjustments for TRIG's performance against the
defined and stretching ESG targets. This margin is 10bps lower than under the
previous facility.

The consortium of lenders is comprised of the following banks; National
Australia Bank, Royal Bank of Scotland International, ING, Barclays, Lloyds,
BNP Paribas, ABN Amro, Skandinaviska Enskilda Banken and Intesa SanPaolo.

Enquiries

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

Minesh Shah

Phil George

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 markets in Europe with aggregate net generating capacity of 2.7GW;
enough renewable power for 1.8 million homes and to avoid 2.2 million tonnes
of carbon emissions per annum.

 

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 asset manager,
with more than 160 professionals operating worldwide from offices in London,
Madrid, New York, Sydney and Seoul. Over the past 25 years, InfraRed has
established itself as a highly successful developer and steward of
infrastructure assets that play a vital role in supporting communities.
InfraRed manages US$13bn of equity capital(1) for investors around the globe,
in listed and private funds across both core and value-add strategies.

InfraRed is part of SLC Management, the institutional alternatives and
traditional asset management business of Sun Life.

For more information, please visit www.ircp.com. (https://www.ircp.com.)

 

(1) Uses 5-year average FX as at 30th June 2024 of GBP/USD of 1.2821; EUR/USD
1.1141. EUM is USD 12.741m.

 

Operations Manager

TRIG's Operations Manager is RES ("Renewable Energy Systems"). 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 24GW of renewable energy projects across
the globe and plans to bring more than 22GW 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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