LONDON: TRIG, a London-listed investment company advised by InfraRed Capital Partners as Investment Manager and Renewable Energy Systems has made two onshore wind investments, increasing the proportion of the portfolio in France from 10% to 13%.
TRIG has acquired a 34.6% equity interest and all of the shareholder loans in Fujin SAS, a holding company that owns a portfolio of five operational windfarms in France with a gross generation capacity of 87.8MW.
Fujin is owned alongside Akuo Energy, a leading French developer, who remains majority shareholder and will continue to operate the windfarms. The projects benefit from inflation-linked feed-in-tariffs with French utility company EDF for an average remaining subsidy term of 6.5 years. During this period, the projects are not exposed to any power price risk.
TRIG has also acquired a 100% interest in the Epine windfarm, a 36MW operational wind farm located in Northern France, near Reims, from TTR Energy and Nordex SE.
The wind farm has recently commenced operations and benefits from a 15 year inflation-linked feed-in-tariff with EDF, which eliminates power price risk for the duration of the subsidy term. Epine comprises 12 Nordex turbines.
The Fujin portfolio was acquired with project finance in place which is fully amortising during the subsidy period whilst Epine is in the process of raising project finance which will amortise on the same basis.
These investments have both been financed from the Company’s cash resources following its recent fund raise.