TRIG, advised by InfraRed Capital Partners and Renewable Energy Systems (RES), has sealed a deal to divest three onshore wind farms in Ireland.
The sale, valued at c. €25m, represents a notable 26% premium over the wind farms’ assessed worth as of December 31, 2022. The agreement with Statkraft is contingent upon standard regulatory approvals.
TRIG’s sale encompasses its complete equity stake in three ageing onshore wind farms, collectively capable of producing 35MW. These projects, nearing the end of their projected lifespans, carry a profit reflecting the potential for the buyer to extend their operational life and engage in repowering efforts.
Active management by RES has led to improved operational efficiency across wind farms. Strategies encompass proactive maintenance, cost-saving part refurbishment, utilization of advanced equipment and monitoring software, and optimized power purchase agreements, ultimately bolstering revenues.
Over the ten-year period of TRIG’s ownership, these projects have contributed significantly to carbon emission reduction, avoiding approximately 300,000 tons of emissions.
Richard Crawford, InfraRed’s Head of Energy Income Funds, emphasized the importance of prudent financial management and the positive impact of these value-boosting divestitures, reiterating confidence in TRIG’s enduring strategy and commitment to enhancing shareholder value.
