The Renewables Infrastructure Group (TRIG) has exchanged contracts for the sale of its 100% equity interest in the 52MW Pallas wind farm in the Republic of Ireland, for €62m.
The proceeds from the sale, to an undisclosed party, represents a 15% premium to that included in the company’s last published Portfolio Valuation as at 31 December 2023.
The proceeds will reduce borrowings under TRIG’s Revolving Credit Facility.
The disposal of the site is part of TRIG’s continued focus on strategic asset rotation to enhance overall portfolio construction and performance, said the company.
Constructed in 2008, Pallas was acquired by TRIG in early 2018.
TRIG completed a site extension shortly after, increasing total generation capacity to 51.6MW.
InfraRed head of energy income funds Richard Crawford said: “We are pleased to successfully conclude another divestment at a premium to NAV.
“These accretive disposals demonstrate support for the company’s portfolio valuation, and our emphasis on balance sheet discipline.”