London-listed investment company TRIG has finalized the sale of its 100% equity interests in Forss and Little Raith onshore wind farms in the UK, fetching a total consideration of £51 million. The transaction, completed at a 4% premium to the valuation of the wind farms as of 31 December 2023, is part of TRIG's strategy to reduce its floating-rate debt.
This sale follows TRIG's recent divestment of the Pallas wind farm and three onshore arrays in the latter half of 2023, generating a total of £125 million in proceeds. InfraRed Capital Partners serves as TRIG's investment manager, with RES managing the operations.
Richard Crawford, Head of Energy Income Funds at InfraRed, commented on the sale, stating, “TRIG has now sold six assets at an average double-digit premium to their respective valuations at the point of sale, underscoring our confidence in the company's portfolio valuation and the disconnect between private and public market valuations for renewables infrastructure.”
The Forss and Little Raith projects, with a combined generation capacity of approximately 32MW, have been under TRIG's ownership and operation since 2013 and 2019, respectively. TRIG expects to reduce its Revolving Credit Facility (RCF) from £364 million as of 31 December 2023 to around £150 million in 2024, alongside reducing its RCF commitment from £750 million capacity to £600 million.
