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The Renewable Infrastructure Group agrees wind farm acquisition
StockMarketWire.com
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The Renewable Infrastructure Group (TRIG) has agreed to acquire a 14.3% indirect equity interest in a new offshore wind farm.
The stake in the holding company for East Anglia One, a 714-megawatt wind farm located off the coast of Suffolk in the North Sea, was acquired from Green Investment Group. It is expected to generate enough energy to power more than 630,000 homes, TRIG said.
TRIG partnered with specialist investor InfraRed through its InfraRed European Infrastructure Income Fund 4, which will acquire a 5.7% stake.
The acquisition was to be funded by a combination of its existing cash balance and a drawdown from the group's revolving acquisition facility.
The investment is subject to a consent from The Crown Estate and is expected to complete by Q1 2021.
Following completion of the transaction, offshore wind investments are expected to represent approximately 29% of TRIG's portfolio.
At 8:11am: (LON:TRIG) The Renewables Infrastructure Group Limited share price was -0.4p at 133.4p
Story provided by StockMarketWire.com
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