The investment consideration is approximately £19.1 million (US$32.4 million). The acquisition price is subject to certain value protections and performance adjustments.
Tallentire Wind Farm is a project with a 12.0MW rated generating capacity near Cockermouth in Cumbria, England consisting of six Vestas V80 2.0MW wind turbines. The project became operational in May 2013 and has an expected 25 year operating life.
Meikle Carewe Wind Farm is a project with a 10.2MW rated generating capacity near Aberdeen in Scotland consisting of 12 Gamesa G52-850kW turbines. The wind farm became operational in July 2013 and has also has a 25 year operating life.
The two projects have been acquired from RES which also developed both sites. They represent acquisitions under the right of first offer agreement between TRIG and RES which was entered into prior to the IPO in July 2013.
The two investments are subject to a single long-term financing facility with current project-level leverage of approximately 59% of the combined enterprise value. Since the acquisition of the initial portfolio of 18 projects at IPO, the addition of these two projects from RES as well as four solar projects sourced from the broader market have increased TRIG's generating capacity by approximately 23% to over 340MW, the largest among the London-listed renewables investment companies.
TRIG continues to progress a number of additional opportunities for expanding the portfolio in both solar PV and onshore wind to increase further the scale and diversification of the Company.