The Renewables Infrastructure Group acquires 51% interest in a French solar project

The Renewables Infrastructure Group (TRIG) has announced the acquisition of a 51% interest in an operating ground-mounted solar photovoltaic plant Provence, France with 12 MW of gross generating capacity from investment funds managed by 123Venture for a consideration of €10.6 million (US$11.7 million). Completion will be subject to certain lending consents and the transaction will be funded by TRIG's revolving acquisition facility.

This transaction increases the aggregate net generating capacity of TRIG's portfolio to 686 MW, continuing its strategy of investing in long-term income-producing operating projects diversified by geography, power market and technology

The plant was commissioned in 2012 and was constructed by Akuo Energy Group, a leading French independent renewable energy producer. The panels were manufactured by SunPower. 

Akuo, an existing investment partner alongside TRIG in French solar parks, will continue to hold a 49% interest in the plant and is contracted to provide operation and maintenance services. RES, TRIG's portfolio operations manager, will represent TRIG on the Project's board.

The project benefits from a power purchase agreement with EDF expiring in 2032, providing fixed, long-term, index-linked revenue streams to TRIG.