20th Oct 2020 10:32
(Alliance News) - Renewables Infrastructure Group Ltd on Tuesday said it has acquired French onshore wind construction project Haut Vannier SAS with the rights to construct a 43 megawatt wind farm in Haute-Marne.
Renewables Infrastructure did not give any financial details of the deal.
Haute-Marne is a department in the Grand Est region of northeastern France and is located around 65 kilometres north-east of the city of Dijon.
The FTSE 250-listed renewable energy-focused investor said the project has been developed by Envision and Velocita and will consist of 17 Envision 2.5 megawatt E-131 turbines.
Renewable Energy Systems - which acts as operations manager for Renewables Infrastructure - will provide asset owner engineer services during the construction period which is already underway. The project is expected to commence operations in the first quarter of 2022.
TRIG highlighted the project will benefit from an attractive 20-year subsidy in the form of an inflation linked contract-for-difference with utility company EDF, which fixes the price to be received for the power. As a result, the project has no power price risk for the duration of the subsidy term.
Once constructed, the project will represent around 1% of Renewables Infrastructure's portfolio. Following this acquisition, the percentage of TRIG's assets which are in construction will be around 10%.
Shares in Renewables Infrastructure were trading 0.2% higher at 135.65 pence each on Tuesday morning in London.
By Ife Taiwo; [email protected]
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