TRIG taking full ownership of 213-MW wind farm in Sweden

The Renewables Infrastructure Group (TRIG) has agreed to acquire the 100% shareholding held by Swedish developers Arise AB (STO:ARISE) and Sydvastanvind AB in a 212.9-MW wind farm in Sweden.

The particular wind farm, named Jadraas, is situated north of Stockholm and uses 66 Vestas V-112 turbines that have been generating power since March 2013. It is being operated and maintained by Denmark’s Vestas Wind Systems (CPH:VWS).

TRIG will take full ownership of the asset in exchange for a payment of EUR 207 million (USD 235.3m) on an unlevered basis, it said on Thursday, adding that it will use its acquisition facility to finance the purchase. The transaction is expected to be closed in March. Following its completion, around 34% of TRIG's portfolio value will be in assets outside the UK, measured on a committed investment basis. It will expand the infrastructure investor’s portfolio capacity to 1,323 MW.

The Jadraas wind farm has in place hedging agreements for 70% of its expected output by end-2023 and contracts for about 50% of its green certificates until the end of 2027.

Richard Crawford, director infrastructure at InfraRed Capital Partners, TRIG’s investment manager, said “[..] this acquisition complements our existing portfolio very well, whilst increasing our exposure to one of Europe's most attractive regions for renewable energy development.”

(EUR 1.0 = USD 1.137)

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