TRIG acquires 25.3 MW wind farm in Ireland

TRIG recently announced the acquisition of a 100% interest in Taurbeg, an operational wind farm with 25.3 MW of rated generating capacity, located near Newmarket, County Cork in the Republic of Ireland, for consideration of €17.3 million (approximately £14 million) subject to certain earn-out provisions.

TRIG's portfolio now totals 29 individual project investments with approximately 439 MW of aggregate installed capacity in onshore wind and solar PV across the UK, France and the Republic of Ireland.

Richard Crawford from InfraRed Capital Partners, TRIG's Investment Manager, said:

"We are pleased to announce the acquisition of the Taurbeg wind farm in South-West Ireland which follows on from the recent addition of the Earlseat wind farm in Scotland. Taurbeg is an unlevered project with an attractive yield and operating history. With nine project acquisitions completed in 2014, TRIG has increased its generating capacity in aggregate by more than 50% this year, providing further benefits of diversification and scale and generating sustainable returns for investors."

The project, which was developed by the RES group, includes eleven Siemens wind turbines, each with rated capacity of 2.3 MW, and has been operational since March 2006. Operations and maintenance services are provided by RES, with a power purchase agreement in place with SSE Airtricity. With revenues derived predominantly from power sales, Taurbeg provides an attractive expected cash yield. The project has no third party debt.

The vendor is Renewable Energy Systems UK & Ireland Limited, part of the Renewable Energy Systems (RES) group which acts as the Operations Manager to TRIG. The transaction, acquired under TRIG's Right of First Offer Agreement with RES, was approved by TRIG's Investment Committee (comprised wholly of senior members of InfraRed Capital Partners).