The Renewables Infrastructure Group (TRIG) has refinanced and expanded its revolving credit facility to £500m (€408m) to support its investment in new renewable energy projects.
The facility, which is used by the company for short-term financing of acquisitions, has been made available to TRIG for a three-year term and is currently undrawn.
The larger size reflects the increased scale of acquisitions being made by the company, TRIG said.
The lenders include existing financiers National Australia Bank, Royal Bank of Scotland International and ING and three new participants Sumitomo Mitsui Banking Corporation, Barclays and Santander.
InfraRed Capital Partners director of infrastructure Richard Crawford said: “This expanded loan facility will allow us to take full advantage of our promising pipeline and provide even more clean energy to more homes across our core markets.
“TRIG is committed to supporting the transition to a low-carbon economy and investing for the future benefit of our shareholders.”
Interest charged in respect of the renewed facility is linked to the company’s environmental, social and corporate governance (ESG) performance.
TRIG will incur a premium or reduction to its margin and commitment fee based on performance against defined sustainability targets.
Those targets include increasing the number of homes powered by clean energy from TRIG’s portfolio and community funds supported by the company.
Another target will be to maintain a low Lost Time Accident Frequency Rate (LTAFR), which measures the number of personnel injured and unable to perform their normal duties for seven days or more for each hundred thousand hours worked.
Performance against the targets will be measured annually with the cost of the facility being amended in the following year.
TRIG chairman Helen Mahy said: “We’re very proud to have secured one of the first ESG- linked SONIA loans.
“We have set ourselves ambitious but achievable targets for the next few years which underline our commitment to sustainability and align our interests with our debt and equity investors.”
TRIG’s Solwaybank wind farm is pictured being built by RES.