The Renewables Infrastructure Group (TRIG) has acquired a 14.3% stake in East Anglia One, a £4bn (€4.4bn) UK offshore wind farm.
The London-listed investment company managed by InfraRed Capital Partners said it has agreed to buy the indirect equity interest in the 714MW wind farm project from Green Investment Group (GIG).
TRIG has partnered with InfraRed’s European Infrastructure Income Fund 4, a fund which will acquire a 5.7% indirect equity interest in the project alongside TRIG.
In August last year, Spanish utility Iberdrola said it had agreed to sell a 40% stake in East Anglia One to Macquarie’s GIG for £1.63bn, adding that it will continue to be the majority shareholder in the project which was developed by its subsidiary ScottishPower Renewables.
According to transaction terms at the time, East Anglia One was valued at £4.1bn.
TRIG said its investment will be financed from a combination of its existing cash balance and a drawdown from the group’s revolving acquisition facility.
Helen Mahy, chairman of TRIG, said: “We are delighted to be investing in this high-quality asset which marks our continued commitment to supporting the global transition to a more sustainable future and to be joining with such well-established and respected partners in Green Investment Group and ScottishPower Renewables.
“East Anglia One is TRIG’s fourth investment in the offshore wind sector and its second offshore wind investment in the UK. Offshore wind is essential to the UK meeting its 2050 net-zero targets.”
To read the digital edition of the latest IPE Real Assets magazine click here.
