The Renewables Infrastructure Group (TRIG) Limited announced on March 27th that it has acquired two solar photovoltaic parks in Devon and Essex (UK) with a combined generating capacity of approximately 30.4MW.
The deals are worth an aggregate consideration of between £34.5 million and £37 million. The acquisitions have been funded from the group's acquisition facility and from its existing cash resources.
Richard Crawford from InfraRed Capital Partners, TRIG's Investment Manager, stated:
These two large solar projects nearly double the generating capacity of TRIG's solar PV portfolio in the UK and France to approximately 62MW, providing further balance and diversification to the TRIG portfolio.
Both projects are located in agricultural sites in the south of England. The company has acquired them from a group of private developers.
Tamar Heights Solar Park near Barnstaple in Devon, has been recently connected to the grid with a generating capacity of approximately 11.8MW. A 100% interest has been acquired in the project.
The second project is the Stour Fields Solar Park near Colchester in Essex. This site is expected to be connected shortly with a generating capacity of approximately 18.7MW. In order to accommodate the requirements of the vendors, an initial 50% interest in the plant has been acquired and the Group has entered into a put and call option for the acquisition of the remaining 50% which will complete in May 2014. The consideration sum referred to above includes the full 100% interest, said TRIG.