The London Stock Exchange has announced that The Renewable Infrastructure Group (TRIG) has completed the acquisition of a 41.2MW operational wind farm (“Clahane 1”) and its 13.8MW extension which is currently under construction (“Clahane extension”) (together “the Project” or “Clahane wind farm”).
The Project is located in County Kerry in the Republic of Ireland. Clahane 1 was commissioned in 2008 and is comprised of 20 Enercon E70 turbines. The Clahane extension includes a further six Enercon E70 turbines and is due to become fully operational in the third quarter of 2018. The Project benefits from 15-year upward-only, inflation-linked Feed-in Tariff revenues, with six years remaining on Clahane 1.
The total consideration for the Project is approximately €72 million which includes construction spending to the turbine manufacturer, together with an element of deferred consideration to the vendor contingent on the completion of certain critical construction milestones for the Clahane extension. TRIG’s investment has been ﬁnanced using its revolving acquisition facility. The Project has been acquired from a consortium of private investors and has no third-party project debt.
The Vendor Advisors on the sale were KPMG (Corporate Finance), Beauchamps (Legals) and Gael Force Wind Energy (Technical).