London-listed investment company The Renewables Infrastructure Group Limited (TRIG) has acquired a 14.7% indirect equity interest in the Sheringham Shoal offshore wind farm located off the coast of Norfolk, UK.
The acquisition, TRIG's first investment in an offshore wind project, was made for a total consideration of approximately GBP 80 million, including transaction costs.
The investment is in a new joint venture holding company alongside funds managed by Equitix Limited, representing 25.3% of the equity, according to TRIG. The other equity partners in the Sheringham Shoal comprise Statoil ASA (40%) and Green Investment Group, managed by Macquarie Group (20%).
According to TRIG, the acquisition of the equity in the Sheringham Shoal offshore wind farm adds to the diversification of the company's portfolio and will further enhance its ability to source and execute additional investments in the offshore wind market.
"In the last few years TRIG and its Managers have evaluated several projects in the offshore wind sector, which has matured into a highly sought-after institutional investment category," Helen Mahy CBE, Chairman of TRIG, said.
"TRIG's partnership on Sheringham Shoal, alongside investors with significant experience in renewables and in broader energy markets, represents an ideal first step for TRIG in this space. The project is accretive to TRIG's portfolio returns and has the higher 2.0 ROCs per MWh subsidy and a proven operating history."
The 316.8MW Sheringham Shoal wind farm consists of 88 wind turbines, each with a capacity of 3.6MW, which were put into operation in 2012.