UK’s TRIG acquires interest in 714MW East Anglia One wind farm

12 November 2020 (Last Updated November 12th, 2020 10:59)

The UK-based Renewables Infrastructure Group (TRIG) has agreed to acquire a 14.3% indirect equity interest in the 714MW East Anglia One operational offshore wind farm from Green Investment Group (GIG).

UK’s TRIG acquires interest in 714MW East Anglia One wind farm
The East Anglia One wind farm during construction. Credit: Pontificalibus via Wikipedia.

The UK-based Renewables Infrastructure Group (TRIG) has agreed to acquire a 14.3% indirect equity interest in the 714MW East Anglia One operational offshore wind farm from Green Investment Group (GIG).

For this acquisition, the investment applied to a 50% interest in the holding company through which GIG’s initial investment was made.

Completion of the deal is subject to consent from The Crown Estate and expected to take place by the first quarter next year.

TRIG also collaborated with InfraRed European Infrastructure Income Fund 4 (IREIIF4) for the deal.

Through this partnership, TRIG and IREIIF4 will acquire a 5.7% indirect equity interest in the project.

The acquisition is said to be in line with TRIG’s strategy, which focuses on partnerships with co-investors on larger transactions.

The company intends to use a combination of its existing cash balance and a drawdown from the group’s revolving acquisition facility to finance the acquisition.

TRIG chairman Helen Mahy said: “We are delighted to be investing in this high-quality asset, which marks our continued commitment to supporting the global transition to a more sustainable future and to be joining with such well-established and respected partners in Green Investment Group and ScottishPower Renewables.

“East Anglia One is TRIG’s fourth investment in the offshore wind sector and its second offshore wind investment in the UK. Offshore wind is essential to the UK meeting its 2050 net-zero targets.”

Located off the coast of Suffolk in the North Sea, East Anglia One is a joint venture (JV) project of ScottishPower Renewables and GIG, Reuters reported.

Built with an investment of £2.5bn ($3.3bn), the offshore wind facility commenced its operations earlier this year. The project has been equipped with wind turbines supplied Siemens.