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TRIG steps into offshore wind

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The Renewables Infrastructure Group Limited (TRIG) has acquired a 14.7% indirect equity interest in the Sheringham Shoal offshore wind farm situated 17km off the coast of North Norfolk.

This acquisition is TRIG's first investment in an offshore wind project and is valued at approximately £80m (including transaction costs). TRIG's indirect equity interest is held through a new joint venture holding company alongside funds managed by UK fund manager Equitix Limited (representing 25.3% of the equity).

TRIG has no direct employees but is advised on a day-to-day basis by InfraRed Capital Partners Limited (InfraRed) as investment manager and by Renewable Energy Systems Limited (RES) as operations manager and has an independent board of non-executive directors.

Helen Mahy CBE, Chairman of TRIG, said: "The Board of TRIG is delighted to conclude the Company's first investment in offshore wind, an industry in which the UK has built a leading global market share and which is expected to contribute a significant proportion of the UK's renewable energy capacity build-out in the medium-term."

In the last few years TRIG and its Managers have evaluated several projects in the offshore wind sector, which has matured into a highly sought-after institutional investment category. TRIG's partnership on Sheringham Shoal, alongside investors with significant experience in renewables and in broader energy markets, represents an ideal first step for TRIG in this space.  The project is  accretive to TRIG's portfolio returns and has the higher 2.0 ROCs per MWh subsidy and a proven operating history."

Earlier on this month,  Equitix acquired Statkraft's 40% stake in the project. The remaining interest is held by Statoil (40%) and the Green Investment Group Management Limited (20%). Statkraft handed over the operator role of Sheringham Shoal to Statoil on the 1st April 2017.

Sheringham Shoal is situated 17km off the coast of North Norfolk, and has been in operation since 2012. The project has a 316.8MW capacity and features 88 Siemens SWT-3.6-107 turbines which generate enough electricity to power 260,000 UK homes annually.

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