Copenhagen Infrastructure Partners (CIP) is selling its 35% stake in Beatrice offshore wind farm in the UK to The Renewables Infrastructure Group (TRIG) and funds managed by Equitix Investment Management.
TRIG said it has agreed to buy a 17.5% stake in the 588MW offshore wind farm located 13km off the northeast coast of Scotland from CIP, adding that Equitix will also acquire a 17.5% stake. Financial details were undisclosed.
The wind farm comprises 84 Siemens 7MW turbines and has a 15-year maintenance agreement in place with Siemens.
Following the Equitix and TRIG’s acquisitions, and subject to approvals, the pair will join shareholders SSE and Red Rock Power who hold 40% and 25% stakes respectively.
Richard Crawford of InfraRed Capital Partners, TRIG’s manager, said: “As investment manager, InfraRed seeks attractive opportunities for TRIG that increase the robustness of the portfolio, helping to deliver sustainable returns to shareholders from a diversified portfolio of renewables infrastructure.
“This major acquisition represents a continuation of this investment strategy and will be the Company’s third investment in a UK offshore wind farm and its 5th in the offshore wind sector.”
Following completion of the transaction, Beatrice will represent approximately 12% of TRIG’s investment portfolio.
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