28th Feb 2019 18:35
LONDON (Alliance News) - Renewables Infrastructure Group Ltd on Thursday said it agreed to purchase Jadraas wind farm, located in Sweden for EUR207 million on an unlevered basis.
The investment trust said an operational onshore wind farm has a capacity of 212.85 megawatts and is being acquired from Arise AB and Sydvastanvind AB, controlled by Platina Energy Partners LLP.
The transaction will be funded by the company's acquisition facility and is expected to complete in March.
Following the acquisition, 34% of Renewables Infrastructure's portfolio value will be in assets outside the UK, measured on a committed investment basis.
"Jadraas is our second investment in Sweden and represents an expansion of our presence in the Nordic market," said Richard Crawford, a director of Infrastructure at InfraRed Capital Partners.
"With power price hedging in place for most of expected generation for the next five years and attractive unlevered returns, this acquisition complements our existing portfolio very well, whilst increasing our exposure to one of Europe's most attractive regions for renewable energy development," added Crawford.
Renewables Infrastructure shares closed 0.3% lower on Thursday at 117.80 pence each.
Related Shares:
Renewables Infrastructure Group