TRIG widens UK solar exposure
The Renewables Infrastructure Group (TRIG) has bought two PV parks in the UK for £21m ($34.5m), in its first project acquisitions since the batch it purchased following its initial public offering this summer.
The two ground-mount projects – a 7MW array in Somerset and a 5MW array on the Isle of Wight – serve to elevate PV’s position within the portfolio of TRIG, which is backed by the developer RES.
TRIG has acquired the 7MW Parsonage project in Somerset from a fund managed by Adiant Capital Partners, and the Marvel Farms array on the Isle of Wight from a group of local developers.
The latter project is undergoing a soon-to-be-completed extension, carried out by UK solar developer Lark Energy.
TRIG raised £300m this summer to acquire operational renewables projects, making it the largest among a group of similar renewables IPOs in London this year that included Greencoat UK Wind and Bluefield Solar Income Fund.
TRIG used its IPO proceeds to buy 18 initial projects totaling 276.4MW across the UK, Ireland and France. Of those, just four projects – totaling 20MW – were PV.
The money for its latest acquisitions comes from a tap issue which TRIG carried out last month.
“We see a good pipeline of available assets in both solar PV and onshore wind in the UK and across northern Europe, enabling further build-out of TRIG’s portfolio in due course," says Richard Crawford, TRIG’s investment manager, and a director at InfraRed Capital Partners.
TRIG has the first right to buy UK projects built by RES, which snapped up 5% of the TRIG shares issued this summer.
The largest project in TRIG's portfolio is the RES-developed Hill of Towie wind farm in Scotland.