The Renewables Infrastructure Group (TRIG) has announced that it is at an advanced stage of exclusive discussions with Fred. Olsen Renewables regarding the potential acquisition of a significant minority interest in its UK onshore wind portfolio.
The portfolio consists of 6 operational onshore wind projects in Scotland, totaling 433 MW of capacity. All of the sites were developed by Fred. Olsen Renewables Limited, a 100% subsidiary of Fred. Olsen Renewables AS.
The potential acquisition is in line with TRIG's investment policy as well as Fred. Olsen's goals of bringing partners in to enhance further growth.
TRIG, the UK-based infrastructure fund, is expected to use its existing cash resources in addition to an extension of its acquisition facility (within the limits of the firm's investment policy) to fund the transaction. According to the company, the extension will be repaid in due course out of subsequent new equity issue proceeds.
As previously announced, TRIG expects to issue further equity under its Share Issuance Programme (SIP) during June or July 2015.
TRIG is a fund geared towards delivering long-term, stable dividends from a diversified portfolio of onshore wind and solar photovoltaic projects in the UK and Northern Europe. The firm currently owns a portfolio of 30 wholly-owned assets in the UK, France and the Republic of Ireland.