TRIG to buy 25% interest in Gode Wind 1 offshore wind farm

5 June 2019 (Last Updated July 30th, 2020 21:07)

The Renewables Infrastructure Group (TRIG) has agreed to buy 25% indirect equity interest in the 330MW Gode Wind 1 offshore wind farm in Germany.

The Renewables Infrastructure Group (TRIG) has agreed to buy a 25% indirect equity interest in the 330MW Gode Wind 1 offshore windfarm in Germany.

Located in the German North Sea, Gode Wind 1 offshore wind farm commenced its operations in February 2017 and was developed and constructed by Ørsted.

The interest is being acquired from Global Infrastructure Partners (GIP), who hold a 50% stake in the project. TRIG’s portfolio capacity increases to 1,446MW with this acquisition.

TRIG chairman Helen Mahy said: “The board of TRIG is delighted to make the company’s second investment in offshore wind in this important market.

“Offshore wind has developed into an attractive investment category and has been growing at pace in Germany over the last four years. TRIG now has investments in each of the two largest offshore wind markets in the world.”

Ørsted owns the other 50% of the equity in the project. It will continue to own the interest and also provide operations and maintenance (O&M) services under a 20-year contract.

The wind farm is equipped with 55 6MW turbines installed by Siemens Gamesa and will be supported by a feed-in-tariff until November 2027.

London-listed investment company TRIG is advised by InfraRed Capital Partners as an investment manager, with Renewable Energy Systems (RES) serving as operations manager.

InfraRed Capital Partners official Richard Crawford said: “We are pleased to be shareholders alongside Ørsted who have a strong demonstrable track record in the global offshore wind industry.

“Our ability to source, manage and execute deals in the space is particularly important given the future direction of the European renewables market and the critical importance of offshore wind to meeting climate change targets.”

TRIG intends to use the proceeds and a drawdown of the group’s revolving acquisition facility to finance the transaction.