The Renewables Infrastructure Group (TRIG) has acquired an interest in the 714MW East Anglia 1 offshore wind farm in the UK.
The 14.3% equity stake from Green Investment Group will mean offshore wind investments are expected to represent approximately 29% of TRIG’s portfolio.
The deal has been made in a 50% interest in the holding company through which GIG’s initial investment was made.
The investment is subject to a consent from The Crown Estate and is expected to complete by the first quarter of 2021.
TRIG has partnered with InfraRed European Infrastructure Income Fund 4 (IREIIF4) for the transaction, managed by InfraRed, which will acquire a 5.7% indirect equity interest in the project alongside TRIG.
This is consistent with TRIG’s strategy of partnering with aligned co-investors on larger transactions.
TRIG’s investment will be financed from a combination of its existing cash balance and a drawdown from the group’s acquisition facility.
TRIG chairman Helen Mahy said: “We are delighted to be investing in this high quality asset which marks our continued commitment to supporting the global transition to a more sustainable future, and to be joining with such well-established and respected partners in Green Investment Group and ScottishPower Renewables.
“East Anglia 1 is TRIG’s fourth investment in the offshore wind sector and its second offshore wind investment in the UK. Offshore wind is essential to the UK meeting its 2050 net zero targets.”