The acquisition price, a cash consideration of approximately £8.6 million (US$12.8 million) plus working capital , is subject to adjustment should the project not qualify as expected for accreditation under the UK's 1.4 ROC per MWh renewables support mechanism.
The project uses Renesola PV panels and has been operational since January 2015. It has a 25-year operational life. Operations and maintenance services are provided by Oskomera Solar Power Solutions, with a long-term power purchase agreement in place with an investment grade UK utility.
Richard Crawford of InfraRed Capital Partners, TRIG's Investment Manager, stated:
"We are pleased to announce the addition of a further solar PV project to the TRIG portfolio taking our portfolio total to 30 projects. With a strong base of 30 fully operational onshore wind and solar PV projects in the UK, Ireland and France, TRIG is well-positioned to provide investors with the benefits of further scale and diversification through judicious portfolio acquisitions in our markets of focus."
We have recently reported about several energy M&A transactions in UK: