November 9 (SeeNews) - UK investment company The Renewables Infrastructure Group Ltd (LON:TRIG) said Wednesday it has wrapped up the acquisition of a 22.55-MW onshore wind project in Scotland from Renewable Energy Systems (RES).
The total consideration under the transaction amounted to GBP 18.5 million (USD 22.9m/EUR 20.7m), including project completion costs. TRIG's investment was financed from the net proceeds of the recent oversubscribed equity-raising under TRIG's second share issuance programme.
TRIG took over the entire project as part of its right-of-first-offer agreement with RES, the company's operations manager. InfraRed Capital Partners served as advisor.
The Freasdail wind farm is located in Argyll and Bute. It will use 11 units of Senvion’s MM82 wind turbine generators (WTGs), each with a rated capacity of 2.05 MW.
The wind project is in an advanced stage of construction, with commissioning scheduled for the first quarter of 2017. The facility will be accredited under the UK's 20-year 0.9 Renewables Obligation Certificate (ROC) per MWh support regime. It also has a 15-year power purchase agreement (PPA) with Vattenfall Energy Trading GmbH and long-term financing in place from KfW Ipex-Bank GmbH.
The current addition brings the net generating capacity of TRIG's 53-project portfolio to 708 MW. The company has invested in 17 wind and solar schemes across the UK and France so far in 2016.
(GBP 1.0 = USD 1.24/EUR 1.12)