TRIG scores 55MW Kerry double
Deal covers 41.2MW Clahane, under-construction 13.8MW extension
The Renewables Infrastructure Group has acquired an operational wind farm and under-construction project in Ireland totalling 55MW.
The London-listed investment company said it has taken ownership of the 41.2MW Clahane 1 project in Kerry that features 20 Enercon E-70 turbines operational since 2008.
TRIG has also purchased the 13.8MW Clahane 2 site that will feature six further E-70s due online later this year.
Total consideration for the deal is €72m, an “element” of which will be “deferred consideration to the vendor contingent on the completion of certain critical construction milestones” at the latter project.
The energy team at Dublin law firm Beauchamps acted for the vendors. The sites are also known as the Pallas projects.
TRIG has meanwhile increased its revolving acquisition facility from £150m to £240m to fund an “active pipeline of further projects”.
ING Group has been tapped to add the additional cash, alongside existing lenders RBS and National Australia Bank.
TRIG has spent £148m of the facility with a further £23m due for further construction and deferred payments this year.