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TRIG acquires interest in Hornsea One

By: Tom Russell 17/03/2022 TRIG

General Windfarms

The Renewables Infrastructure Group Limited (TRIG) has exchanged contracts to acquire a 7.8% equity interest in the Hornsea One offshore wind farm in the UK from Global Infrastructure Partners. TRIG's acquisition was supported by investment manager InfraRed Capital Partners Limited (InfraRed) and operations manager is Renewable Energy Systems (RES).

TRIG's investment in the project is subject to regulatory and lender consents, which are expected to be received in the coming months. Following completion of the transaction, which is expected to take place at the end of H1 2022, Hornsea One will represent approximately 8% of TRIG's portfolio, by value.

Developed by Ørsted, Hornsea One is the world’s largest offshore wind farm to date. It is located in the North Sea off the east coast of England. The site consists of 174 Siemens Gamesa Renewable Energy. SWT-7.0-154 turbines, spanning across an area of 407km², all of which have been installed. The site was fully commissioned at the end of 2019 and is anticipated to power over one million homes in the UK. The project also benefits from an inflation-linked Contract for Difference (CfD) subsidy, with 13 years remaining.

Richard Crawford, of InfraRed Capital Partners, said: "Hornsea One is a flagship project globally for the offshore wind sector. As with each of TRIG's four UK offshore wind investments, Hornsea One's inflation-indexed subsidy will contribute to the Company's strategy to balance subsidised and unsubsidised revenues and to deliver sustainable returns to shareholders.

"This investment is coupled with an increase to the Company's Revolving Credit Facility and an issue of equity. These financing arrangements will contribute to funding the acquisition as well as the Company's construction projects, and provide headroom to pursue an attractive pipeline of opportunities and further progress our portfolio diversification strategy."

TRIG also announced the increase of its ESG-linked Revolving Credit Facility (RCF) capacity, which enables the Company to act as a cash buyer of investments, from £500m to £600m. The RCF is £73m drawn and covers the existing commitments relating to the construction of the Ranasjö, Salsjö and Grönhult windfarms and the Cadiz solar projects of £231m which become due over the next two years as well as the equity commitments to the Hornsea One transaction and due on the completion of that acquisition. The RCF has an expiry date of 31 December 2023.

For more information on offshore wind farms worldwide, click here. Alternatively, you can view projects across the globe using 4C Offshore's Interactive Map.

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TRIG acquires interest in Hornsea One

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