The Board of TRIG has announced that the TRIG has completed the acquisition of a 100% interest in Freasdail Wind Farm, a 22.55 MW onshore wind project in Argyll & Bute, Scotland from TRIG's Operations Manager, Renewable Energy Systems (RES) under TRIG's right-of-first-offer agreement with RES. Total consideration was £18.5 million (US$23.1 million) including project completion costs.
The project is in an advanced stage of construction and is expected to be commissioned in the first quarter of 2017 and to be accredited under the UK's 20-year 0.9 ROC per MWh support regime. RES, which is experienced in construction management, has been retained by TRIG to complete the final stages of building and commissioning the project.
The project has an expected 25-year lifespan and includes 11 Senvion MM82 wind turbine generators, each with a rated capacity of 2.05 MW. The project benefits from a 15-year power purchase agreement including a floor price with Vattenfall Energy Trading GmbH. The project has long-term finance in place from KfW Ipex-Bank GmbH, fully amortizing over 15 years. TRIG's investment in the acquisition has been financed from the net proceeds of the recent oversubscribed equity-raising under TRIG's second share issuance programme. The acquisition is in line with TRIG's published investment policy.
The acquisition increases TRIG's portfolio net generating capacity (pro rata to TRIG's equity interests) to 708 MW. TRIG's 18 UK onshore wind projects currently account for nearly 5% of the UK's overall onshore wind capacity, while the Company's overall electricity generation in the first half of 2016 was equivalent to approximately 1.7% of all UK renewables-sourced electricity generation.
Helen Mahy CBE, Chairman of TRIG, said:
"TRIG's acquisition of Freasdail Wind Farm further diversifies the company's portfolio, taking our net generating capacity above 700 MW. TRIG generates electricity equivalent to the amount required to power approximately 400,000 homes and avoids the production of 600,000 tonnes of CO2 annually"