CIP to Sell Beatrice Stake to TRIG and Equitix

Copenhagen Infrastructure Partners (CIP) is selling its 35 per cent stake in the 588 MW Beatrice offshore wind farm to The Renewables Infrastructure Group (TRIG) and funds managed by Equitix Investment Management Limited.

TRIG has exchanged contracts with CIP to acquire an equity interest of 17.5 per cent in the project. Funds managed by Equitix Investment Management Limited are acquiring the remaining 17.5 per cent stake from CIP, according to TRIG.

The Beatrice offshore wind farm is located approximately 13 kilometres off the north east coast of Scotland and comprises 84 Siemens 7 MW turbines which utilise direct drive technology. The project has a 15-year maintenance agreement in place with Siemens.

Developed by SSE plc, the wind farm has been in operation since 2018.

The project’s CfD subsidy fixes the price received for all power generated until 2034, with indexation to inflation. Debt financing on the project is fixed rate and fully amortising within the subsidy period.

The investment, which is subject to regulatory and lender consents, which are expected to be received in the coming weeks, will be financed from a drawdown of TRIG’s recently renewed revolving credit facility.

TRIG’s co-shareholders in Beatrice will be SSE plc (40 per cent), funds managed by Equitix Investment Management Limited (17.5 per cent), and Red Rock Power Limited (25 per cent).

“We are pleased to have the opportunity to invest in this high-quality project developed by SSE, who are a leading generator of renewable electricity in the UK,” Richard Crawford, of InfraRed Capital Partners, said.

”As investment Manager, InfraRed seeks attractive opportunities for TRIG that increase the robustness of the portfolio, helping to deliver sustainable returns to shareholders from a diversified portfolio of renewables infrastructure. This major acquisition represents a continuation of this investment strategy and will be the Company’s third investment in a UK offshore wind farm and its 5th in the offshore wind sector.”

Following the completion of the transaction, Beatrice will represent approximately 12 per cent of TRIG’s investment portfolio.

Photo: SSE/Illustration