A London-listed green energy infrastructure investor has struck a deal to buy 17.5% of the Beatrice wind farm off the coast of Scotland.
The Renewables Infrastructure Group (Trig) will buy the stake from Copenhagen Infrastructure Partners (CIP) for an undisclosed sum.
Trig, based in Guernsey, said it expected to get lender and regulatory consents in the coming weeks.
The deal will be financed from a drawdown of the Trig’s recently renewed revolving credit facility.
Developed by SSE, Beatrice, 13km off the coast of Caithness, comprises 84 Siemens turbines and has been operational since 2018.
The project created 90 operational roles based out of Wick.
Its contracts-for-differences subsidy fixes the price received for all power generated until 2034.
Trig’s co-shareholders will be SSE, 40%, funds managed by Equitix Investment Management, which are also acquiring 17.5% from CIP, and Red Rock Power, 25%.
InfraRed Capital Partners is Trig’s investment manager.
Richard Crawford, of InfraRed, said: “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.
“As investment Manager, InfraRed seeks attractive opportunities for Trg 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 fifth in the offshore wind sector.”