TRIG acquires interest in East Anglia ONE

In: Windfarms
11/11/2020
The Renewables Infrastructure Group Limited (TRIG) has exchanged contracts to acquire a 14.3% indirect equity interest in East Anglia ONE from Green Investment Group.

The investment has been made in a 50% interest in the holding company through which GIG's initial investment was made (the "Holding Company"). The investment is subject to a consent from The Crown Estate and is expected to complete by Q1 2021. Following completion of the transaction, offshore wind investments are expected to represent approximately 29% of TRIG's portfolio.

TRIG has partnered with InfraRed European Infrastructure Income Fund 4 ("IREIIF4") for the transaction, a fund managed by InfraRed, which will acquire a 5.7% indirect equity interest in the project alongside TRIG. TRIG's investment will be financed from a combination of its existing cash balance and a drawdown from the Group's revolving acquisition facility.

Helen Mahy, CBE, 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."


Located 43km off the coast of Lowestoft and Great Yarmouth, the  £2.5 billion
East Anglia ONE project is a joint venture between ScottishPower Renewables and Macquarie’s Green Investment Group (GIG). It features a total of 102 Siemens Gamesa SWT-7.0-154 offshore wind turbines with the capacity to produce 714 MW of clean energy. It is the first of four offshore wind farms ScottishPower Renewables is developing in the region.

East Anglia One North, Two and Three come under a single delivery programme, with a combined capacity of around 3,100 MW, which will be known as The East Anglia Hub. Construction is envisaged to begin in 2022, with a four year construction period expected for the entire East Anglia Hub. The initial 1,400 MW (East Anglia Three) already has planning consent. Planning applications for the further 1,700 MW (split between East Anglia One North, and East Anglia Two) have been submitted.

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