The Renewables Infrastructure Group (TRIG) announced the completion of the sale of a 15.2% equity stake in the 330MW Gode 1 offshore wind farm, located off the coast of Germany, to funds managed by Equitix Investment Management.
The transaction, which was completed at a 9% premium to the carrying value, resulted in proceeds of €100 million. The company stated that these funds will be used to reduce borrowings under its Revolving Credit Facility (RCF), now standing at £228 million.
TRIG initially disclosed the sale on August 1, 2024, and retains a 9.8% equity interest in the project. This divestment marks a key step in TRIG's ongoing strategy to optimize its portfolio and reduce debt levels.
“This sale, along with similar transactions over the past 24 months, has generated £210 million in proceeds at an average 11% premium to carrying values,” said the company in a statement.
TRIG's recent divestments, as well as ongoing disposals and financings, have also supported the decision to increase its share buyback program. The company has raised the buyback program from £50 million to £150 million, as previously announced by its board.
The move aligns with TRIG's broader strategy to manage its capital efficiently and deliver value to its shareholders.
