TRIG has announced the sale of its 100% equity interests in Forss and Little Raith onshore wind farms in the UK for a total consideration of £51m.
The sale is at a 4% premium to the valuation of the wind farms as at 31 December 2023.
This disposal follows TRIG’s recent sale of Pallas wind farm and the sale of three onshore arrays in the second half of 2023, together raising a total of £125m.
London-listed investment company TRIG is advised by InfraRed Capital Partners as investment manager and RES as operations manager.
The transactions form part of TRIG’s strategy to reduce its floating rate debt. It expects to be able to reduce its RCF from £364m at 31 December 2023 to around £150m during 2024.
The company is also reducing the size of its Revolving Credit Facility commitment from £750m capacity to £600m.
The Forss (pictured) and Little Raith projects, located in Scotland with a total generation capacity of around 32MW, have been owned and operated by TRIG since 2013 and 2019 respectively.
“TRIG has now sold six assets at an average double-digit premium to their respective valuations at the point of sale, underscoring our confidence in the company’s portfolio valuation and the disconnect between private and public market valuations for renewables infrastructure,” said head of energy income funds at InfraRed Richard Crawford.