The Renewables Infrastructure Group (TRIG) has acquired a 41.2MW operational wind farm (Clahane 1) and its 13.8MW extension which is currently under construction.
The project is located in County Kerry in the Republic of Ireland.
Clahane 1 was commissioned in 2008 and is comprised of 20 Enercon E70 turbines. The Clahane extension includes a further six Enercon E70 turbines and is due to become fully operational in the third quarter of 2018.
The project benefits from 15-year upward-only, inflation-linked Feed-in Tariff revenues, with six years remaining on Clahane 1.
The total consideration for the project is approximately €72 million.
TRIG's investment has been ﬁnanced using its revolving acquisition facility.
In order to fund further acquisitions, the group has increased the size of its revolving acquisition facility from £150 million to £240 million.
Following the investment in the Clahane wind farm, TRIG is £148 million drawn on its revolving acquisition facility with £23 million of further construction and deferred payments expected to be made during 2018.
At 9:14am: (LON:TRIG) The Renewables Infrastructure Group Ltd share price was -0.7p at 108.3p