Renewables Infrastructure buys Provencal solar plant

The Renewables Infrastructure Group has entered into a binding sale and purchase agreement to acquire a 51.0% interest in a 12MW ground-mounted solar photovoltaic plant, in the South of France, increasing the aggregate net generating capacity of TRIG’s portfolio to 686MW.

The Board of TRIG is pleased to announce the acquisition of a 51.0% interest in an operating (brownfield) ground-mounted solar photovoltaic plant in Provence, France with 12MW of gross generating capacity from investment funds managed by 123Venture for a consideration of EUR10.6 million.

The plant, Midi, was commissioned in 2012 and was constructed by Akuo Energy Group, a leading French independent renewable energy producer. The panels were manufactured by SunPower.  Akuo, an existing investment partner alongside TRIG in French solar parks, will continue to hold a 49.0% interest in the Plant and is contracted to provide operation and maintenance services. RES, TRIG’s portfolio operations manager, will represent TRIG on the Project’s board.

The Project benefits from a power purchase agreement with EDF expiring in 2032, providing fixed, long-term, index-linked revenue streams to TRIG.

Completion will be subject to certain lending consents and the Transaction will be funded by TRIG’s revolving acquisition facility.

TRIG : Renewables Infrastructure buys Provencal solar plant