Copenhagen Infrastructure Partners (CIP) is selling its stake in the 588MW Beatrice offshore wind farm off the coast of Scotland to The Renewables Infrastructure Group (TRIG) and funds managed by Equitix Investment Management.
TRIG said that it has exchanged contracts to acquire an equity stake of 17.5% in the wind farm, which represents approximately 12% of the company’s investment portfolio.
The investment, which is subject to regulatory and lender consents that are expected to be received in the coming weeks, will be financed from a drawdown of the group’s recently renewed revolving credit facility.
Equitix is also taking a 17.5% stake from CIP.
No details of the price of the acquisitions has been disclosed.
The other shareholders in the project are SSE (40%) and Red Rock Power (25%).
TRIG is advised by InfraRed Capital Partners.
InfraRed Capital Partners’ Richard Crawford said: “We are pleased to have the opportunity to invest in this high-quality project developed by SSE, who are a leading generator of renewable electricity in the UK.
“As investment Manager, InfraRed seeks attractive opportunities for TRIG that increase the robustness of the portfolio, helping to deliver sustainable returns to shareholders from a diversified portfolio of renewables infrastructure.
“This major acquisition represents a continuation of this investment strategy and will be the company’s third investment in a UK offshore wind farm and its fifth in the offshore wind sector.”