The infrastructure investment company – better known by its initials, Trig – said it had exchanged contracts to acquire an equity interest of 17.5 per cent in the Beatrice wind farm from Copenhagen Infrastructure Partners.
Located some 13 kilometres off the north east coast of Scotland, the wind farm comprises 84 turbines. It was developed by Perth-headquartered energy giant SSE using Siemens turbines and has an established track record since operations began in 2018.
Trig said offshore wind projects had a significant role to play in the decarbonisation of the UK economy. As well as ongoing economic benefit through the provision of local jobs – with up to 90 roles at an operational base in Wick – the project provides enough clean energy to power the equivalent of more than 450,000 homes.
Richard Crawford of InfraRed Capital Partners, Trig’s investment manager, said: “We are pleased to have the opportunity to invest in this high-quality project developed by SSE, who are a leading generator of renewable electricity in the UK.
“As investment manager, InfraRed seeks attractive opportunities for Trig that increase the robustness of the portfolio, helping to deliver sustainable returns to shareholders from a diversified portfolio of renewables infrastructure.
“This major acquisition represents a continuation of this investment strategy and will be the company’s third investment in a UK offshore wind farm and its fifth in the offshore wind sector.”
The investment – subject to regulatory and lender consents which are expected to be received in the coming weeks – will be financed from a drawdown of the group’s recently renewed revolving credit facility.
Trig’s co-shareholders will be SSE (40 per cent), funds managed by Equitix Investment Management (which is also acquiring a 17.5 per cent stake from Copenhagen Infrastructure Partners and is partnered with Trig on the Sheringham Shoal offshore wind farm), and Red Rock Power (25 per cent).
Beatrice will represent about 12 per cent of Trig’s investment portfolio.
The firm is invested in a portfolio of more than 70 wind, solar and battery storage projects with aggregate net generating capacity in excess of 1.7 gigawatts.