8th Aug 2014 07:27
LONDON (Alliance News) - The Renewables Infrastructure Group Ltd Friday said it has bought three operational solar photovoltaic parks in Dorset, Norfolk and Cornwall, with combined generating capacity of 56.6 megawatts, for an aggregate valuation of GBP73.7 million.
The deal brings the company's portfolio to 27 investments totaling about 398 megawatts. Solar photovoltaic parks make up 11 of the 27 investments.
"These three large scale solar projects nearly double the generating capacity of TRIG's solar PV portfolio. Solar now accounts for in excess of one third of the froup's investments by value, up from 10% at IPO, providing investors with good exposure to the two well-established and complementary technologies of onshore wind and solar PV," Richard Crawford from InfraRed Capital Partners, TRIG's Investment Manager, said in a statement
The three new parks were bought from a joint venture between the British Solar Renewables group and Banco Santander SA. The Renewables Infrastructure Group said the final amount it pays is dependent on certain performance adjustments. It didn't outline the potential adjustments.
The acquisition has been funded partly from the company's cash resources and partly from its revolving acquisition facility, which is now approximately GBP40 million drawn.
Short term power purchase agreements are already in place for the new parks, and longer term replacements are being considered, the company said.
The projects do not have project-level debt, but The Renewables Infrastructure Group said it may introduce project-level debt and/or sell down a minority interest in the projects to optimise the capital structure and enhance overall returns to the group in due course.
The company's shares were untraded early Friday. The stock last traded at 107.00 pence.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Renewables Infrastructure Group