Renewable Energy Investor TRIG Announces £500 Million ESG-linked Credit Facility
Renewable energy infrastructure investment company The Renewables Infrastructure Group (TRIG), advised by InfraRed Capital Partners, announced today the refinancing and expansion of its revolving credit facility (RCF), with interest charged on the new £500 million RCF linked to the company’s ESG performance. The facility is used by the Company for short-term financing of acquisitions.
According to the terms of the new RCF, TRIG will incur a premium or reduction to its margin and commitment fee based on performance against a series of defined sustainability targets, encompassing environmental, social and governance aspects. The environmental targets include the number of homes powered by clean energy from TRIG’s portfolio, social includes the number of community funds supported by the company, and governance includes the maintenance of a low Lost Time Accident Frequency Rate.
Richard Crawford, Director, Infrastructure at InfraRed Capital Partners, said:
“This expanded loan facility will allow us to take full advantage of our promising pipeline and provide even more clean energy to more homes across our core markets. TRIG is committed to supporting the transition to a low-carbon economy and investing for the future benefit of our shareholders.”
Helen Mahy CBE, Chairman of TRIG, said:
“We’re very proud to have secured one of the first ESG-linked SONIA loans. We have set ourselves ambitious but achievable targets for the next few years which underline our commitment to sustainability and align our interests with our debt and equity investors.”