The project includes eight Vestas V90 2.0 MW wind turbines and was grid-connected in June 2014. The project, which benefits from the UK's 0.9 ROCs per MWh support scheme, has a 25-year operational life. Operations and maintenance services are provided by Vestas, with a power purchase agreement in place with GDF SUEZ.
The consideration of approximately £32 million (US$50 million) is subject to certain performance adjustments over 18 months following acquisition, reflecting the project's limited operating history, and has been funded from TRIG's acquisition facility. The project itself is currently unlevered.
The vendor is a private equity investment fund separately managed by InfraRed Capital Partners Limited, TRIG's Investment Manager.
TRIG's portfolio now consists of 28 separate project investments with approximately 414 MW of aggregate installed capacity.
Helen Mahy, TRIG's Chairman, stated:
"The addition to TRIG's portfolio of the Earlseat Wind Farm represents the tenth project acquisition by TRIG since the acquisition of the initial portfolio of 18 projects at IPO. This recently commissioned project in Central Scotland provides investors with the benefits of further scale and diversification in line with the Company's investment policy."