22nd Dec 2020 09:54
(Alliance News) - Renewables Infrastructure Group Ltd on Tuesday said it has invested in Phoenix SAS, a holding company which owns a portfolio of wind and solar renewable energy assets in France.
The FTSE 250-listed renewable energy-focused investor said the portfolio comprises five onshore wind farms in Northern France with a combined capacity of 74 megawatts and four solar parks with battery storage located on the islands of Corsica and La Reunion with a combined capacity of 29 megawatts.
Renewables Infrastructure added the investment - which represents around 2% of its own portfolio value - has been made in the form of mezzanine level bonds which are scheduled to be fully repaid within twelve years.
"When combined with the investment in East Anglia One and taking into account the proceeds from the recent equity raise by the company, there will be drawings of approximately GBP40 million under TRIG's revolving credit facility," it said.
"The investment has an attractive return with very little sensitivity to changes in wholesale power prices," the company added.
Shares in Renewables Infrastructure were trading 0.2% higher at 125.70 pence each on Tuesday morning in London.
By Ife Taiwo; [email protected]
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