The Renewables Infrastructure Group (TRIG) has paid an undisclosed amount to buy a 35MW Scottish wind farm project.
The London-listed investment company said it has agreed to acquire Blary Hill Energy, a company which holds the rights to construct the wind farm located on the Kintyre Peninsula.
TRIG said once constructed, the project would represent 2.5% of its portfolio value on a committed investment basis. As of the first half of last year, TRIG’s portfolio was valued at £1.62bn (€1.9bn).
TRIG said the 14-turbine project will be developed by renewable energy firm RES under a fixed price engineering, procurement and construction contract.
Work is expected to begin this quarter and the project is expected to commence operations in the first quarter of 2022.
TRIG, which is advised by InfraRed Capital Partners as investment manager, said RES will provide asset management services.
The project’s revenue will be from selling power into the wholesale market without subsidy and as a result, is being funded without any third-party project-level debt.
Once constructed, the project would represent 2.5% of TRIG’s portfolio value on a committed investment basis.