IN BRIEF: Renewables Infrastructure pays down debt as completes sale
Renewables Infrastructure Group Ltd - Guernsey-registered renewable energy investor - The company, known as TRIG, completes the sale of its 17.5% equity stake in the Beatrice wind farm project offshore Scotland, receiving GBP157 million. The disposal was first announced in June. Pre-emption rights to acquire the stake were exercised by TRIG's co-owner, funds managed by Equitix Investment Management Ltd. The sale is a 40% step toward TRIG's target, set out in May, to raise GBP400 million from asset sales. TRIG will use the cash from Beatrice to reduce borrowings under its revolving credit facility to GBP184 million. Overall debt, including exposure to GBP210 million in project-level borrowings for TRIG's share of Beatrice, fall by GBP365 million to GBP1.7 billion, which is 43% of enterprise value. Read More