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Renewables Infrastructure Group acquires two Swedish wind farms

DORE Lake Vanern Wind Farm

Renewables Infrastructure Group acquires two Swedish wind farms – The Renewables Infrastructure Group has announced it has exchanged contracts to acquire a 50% interest in two Swedish onshore pre-construction wind farms, Ranasjö and Salsjö. The projects are located in central Sweden and together are known as ‘Twin Peaks’, with a combined capacity of 242MW. The acquisition is subject to certain conditions being satisfied, including entering into final agreements for the construction of the wind farms. The transaction is expected to complete by July this year.

The company has partnered with InfraRed European Infrastructure Income Fund 4 which will also acquire a 50% interest in the project. This is consistent with Renewables Infrastructure Group’s strategy of partnering with aligned co-investors on larger transactions while maintaining a diversified portfolio.

Twin Peaks has been sourced bilaterally building on InfraRed’s existing relationship with Arise, an active developer of projects in the Nordics and UK from whom the investment company acquired the 213MW Jädraås wind farm in 2019. The projects are being funded on an ungeared basis.

Construction is expected to start later this year to be completed in the first half of 2024, with each wind farm using Siemens Gamesa 170 6.2MW turbines with Siemens providing O&M services under a 30-year agreement. The Ranasjö project will comprise 25 turbines while the Salsjö project will comprise 14 turbines. Arise will provide the asset management services with RES providing oversight through the Owner’s Engineer role during construction. Twin Peaks will provide enough clean energy to power the equivalent of more than 45,000 homes, upon completion and once operational.

TRIG anticipates the completed wind farms to represent approximately 4.5% of its portfolio value on a fully committed basis and investments in Sweden will account for approximately 15% of its portfolio. This acquisition takes the company’s exposure to construction projects to approximately 11%.

Total commitments amount to approximately £200m – including Twin Peaks – which are due over the next three years to fund construction phase projects. TRIG’s revolving credit facility is currently £135m drawn.

Statement from the chairman:

Helen Mahy, Chairman of TRIG, said“The Nordics is a key region for our diversified portfolio and we’re pleased to continue our relationship with Arise. We firmly believe developing and leveraging relationships through our Managers is crucial in an increasingly competitive market for renewables, whilst partnering with aligned co-investors enhances our access to attractive opportunities.”

TRIG : Renewables Infrastructure Group acquires two Swedish wind farms

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