Acquisition of interest in Beatrice offshore wind farm in the UK
TRIG has announced acquisition of 17.5 % in Beatrice offshore wind farm from Copenhagen Infrastructure Partners ("CIP").
Image source: TRIG
UK, Guernsey, St Peter Port: TRIG has announced acquisition of 17.5 % in Beatrice offshore wind farm from Copenhagen Infrastructure Partners (“CIP”).
Beatrice is a 588 MW offshore wind farm developed by SSE plc using Siemens turbines, has an established track record since operations commenced in 2018 and benefits from a Contract-for-Difference subsidy. Following completion of the transaction, Beatrice will represent approximately 12 % of TRIG’s investment portfolio.
The wind farm is located approximately 13 km off the north east coast of Scotland and comprises 84 Siemens 7 MW turbines which utilise direct drive technology. The Project has a 15-year maintenance agreement in place with Siemens.
TRIG’s co-shareholders will be SSE plc (40 %), funds managed by Equitix Investment Management Limited (who are also acquiring a 17.5 % stake from CIP and is partnered with TRIG on the Sheringham Shoal offshore wind farm), and Red Rock Power Limited (25 %).
Richard Crawford of InfraRed Capital Partners, said:
“We are pleased to have the opportunity to invest in this high-quality project developed by SSE, who are a leading generator of renewable electricity in the UK. As investment manager, InfraRed seeks attractive opportunities for TRIG that increase the robustness of the portfolio, helping to deliver sustainable returns to shareholders from a diversified portfolio of renewables infrastructure. This major acquisition represents a continuation of this investment strategy and will be the company’s third investment in a UK offshore wind farm and its fifth in the offshore wind sector.”
Source: TRIG