Renewable energy infrastructure investment company The Renewables Infrastructure Group (TRIG) announced today an agreement to acquire a 17.5% equity interest in the Beatrice offshore wind farm project from Copenhagen Infrastructure Partners (CIP). Following completion of the transaction, Beatrice will represent approximately 12% of TRIG’s investment portfolio.
Developed by SSE plc off the north east coast of Scotland, Beatrice is a 588MW offshore wind farm comprised of 84 Siemens 7MW turbines which utilise direct drive technology. The £2.5 billion project is the fourth largest offshore wind farm in the world, and one of the largest ever private investments in Scottish infrastructure. Operations at the wind farm commenced in 2018, and Beatrice currently provides enough clean energy to power the equivalent of more than 450,000 homes.
Trig stated that the transaction will be financed from a drawdown of the Group’s recently renewed revolving credit facility. Co-shareholders will be SSE plc (40%), funds managed by Equitix Investment Management Limited (who are also acquiring a 17.5% stake from CIP and is partnered with TRIG on the Sheringham Shoal offshore wind farm), and Red Rock Power Limited (25%).
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 5th in the offshore wind sector.”