"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 two UK onshore wind farms
· Sale of two Scottish assets at a premium to TRIG's valuation as at 31 December 2023
· TRIG's third disposal transaction at a premium to NAV in seven months
· Proceeds to be used to reduce Revolving Credit Facility ("RCF") borrowings
TRIG announces the sale of its 100% equity interests in Forss and Little Raith onshore wind farms in the UK for a total consideration of £51m. The sale is at a 4% premium to the valuation of the wind farms as at 31 December 2023.
This disposal follows TRIG's recent sale of Pallas wind farm and the sale of three onshore wind farms in H2 2023, together raising a total of £125m. The transactions form part of the Company's strategy to reduce its floating rate debt. The Company expects to be able to reduce its RCF from £364m at 31 December 2023 to c. £150m during 2024. The Company is also reducing the size of its Revolving Credit Facility commitment from £750m capacity to £600m.
The Forss and Little Raith projects, located in Scotland with a total generation capacity of c. 32MW, have been owned and operated by TRIG since 2013 and 2019 respectively.
Richard Crawford, Head of Energy Income Funds at InfraRed said:
"TRIG has now sold six assets at an average double-digit premium to their respective valuations at the point of sale, underscoring our confidence in the Company's portfolio valuation and the disconnect between private and public market valuations for renewables infrastructure."
