The Renewables Infrastructure Group (TRIG) says that it has exchanged contracts for the sale of its 100% equity interest in Pallas, an onshore wind farm located in the Republic of Ireland, for a consideration of €62m.
The proceeds from the sale represent a 15% premium to the last published valuation as at 31 December 2023. The money will be used to reduce the outstanding balance on the revolving credit facility.
The managers are focusing on rotating money from mature assets for other purposes. The aim is to enhance overall portfolio construction and performance. A detailed review and screening process is employed to identify potential disposals, taking into account the impact on the diversification of revenues, technologies and geographies.
Constructed in 2008, Pallas was acquired by The Renewables Infrastructure Group in early 2018. It completed a site extension shortly thereafter, increasing total generation capacity to 51.6MW.
TRIG sells a windfarm for 15% more than its previous valuation