The Board of The Renewables Infrastructure Group (TRIG) is pleased to announce that the Company has exchanged contracts to acquire an equity interest of 17.5% in Beatrice offshore wind farm from Copenhagen Infrastructure Partners (CIP).
The wind farm is located approximately 13km off the north east coast of Scotland and comprises 84 Siemens 7MW turbines which utilise direct drive technology. The Project has a 15-year maintenance agreement in place with Siemens.
The Project’s CfD subsidy fixes the price received for all power generated until 2034, with indexation to inflation. Debt financing on the Project is fixed rate and fully amortising within the subsidy period.
The investment, which is subject to regulatory and lender consents which are expected to be received in the coming weeks, will be financed from a drawdown of the Group’s recently renewed revolving credit facility. 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%).
Decarbonisation
As has recently been highlighted by the UK Government, offshore wind projects have a significant role to play in the decarbonisation of the UK economy. As well as ongoing economic benefit through the provision of local jobs (with up to 90 roles at the operational base for the Project in Wick, Scotland), the Project provides enough clean energy to power the equivalent of more than 450,000 homes.