27th Mar 2014 12:56
LONDON (Alliance News) - The Renewables Infrastructure Group Limited said Thursday it has acquired two solar photovoltaic parks in Devon and Essex with a combined generating capacity of approximately 30.4MW.
The firm said the deals, made to further diversify the group's portfolio, are worth an aggregate consideration of between GBP34.5 million and GBP37 million, subject to certain value protections.
TRIG said solar now represents eight out of 22 investments, in line with the growth strategy stated at its initial public offering to acquire additional projects across target geographies and renewable energy technologies.
The acquisitions have been funded from the Group's acquisition facility and from its existing cash resources.
"These two large solar projects nearly double the generating capacity of TRIG's solar PV portfolio in the UK and France to approximately 62MW, providing further balance and diversification to the TRIG portfolio," Richard Crawford from InfraRed Capital Partners, TRIG's Investment Manager.
TRIG has invested in two large-scale ground-mounted solar PV generating projects, both on agricultural sites in the South of England, from a group of private developers. The investments are without project-level debt, although debt may be introduced in due course to optimise the capital structure, said the company.
Tamar Heights Solar Park near Barnstaple in Devon, has been recently connected to the grid with a generating capacity of approximately 11.8MW. A 100% interest has been acquired in the project.
The second project is the Stour Fields Solar Park near Colchester in Essex. This site is expected to be connected shortly with a generating capacity of approximately 18.7MW. In order to accommodate the requirements of the vendors, an initial 50% interest in the plant has been acquired and the Group has entered into a put and call option for the acquisition of the remaining 50% which will complete in May 2014. The consideration sum referred to above includes the full 100% interest, said TRIG.
Shares in The Renewables Infrastructure Group were trading 0.67% higher at 101.68 pence per share Thursday afternoon.
By Alice Attwood; [email protected]; @AliceAtAlliance
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