The Renewables Infrastructure Group (TRIG) has completed the sale of a stake in the 330MW Gode 1 offshore wind farm to funds managed by Equitix Investment Management.
TRIG has completed the sale of a 15.2% equity stake in the offshore wind farm, off Germany, at a 9% premium to carrying value, it said.
Proceeds of €100m received and have been used to reduce borrowings under the company’s Revolving Credit Facility (RCF) to £228m.
TRIG’s sale of a 15.2% equity interest in the 330MW Gode 1 offshore wind farm project was first reported on 1 August 2024.
TRIG retains a 9.8% equity interest in the project.
This completed sale brings the total of divestment proceeds received by TRIG in the past 24 months to £210m at an average 11% premium to carrying values.
These disposals, together with further disposals and financings being pursued by the Managers, underpinned the Board’s decision to increase the Company’s share buyback programme, as previously announced, from £50m to £150m.