TRIG buys stake in world's biggest windfarm

17th Mar 2022 08:12

(Sharecast News) - Renewables Infrastructure Group (TRIG) has agreed to buy a 7.8% stake in a UK wind farm that is the world's largest in operation.

Hornsea One is about 120km off the coast of Yorkshire in northern England and covers an area of 407 sq km. It generates enough energy to power 1m homes.

TRIG said after the purchase from Global Infrastructure Partners, Hornsea One will make up about 8% of its portfolio. The deal is expected to be finalised by the end of the first half.

The company did not say how much it was paying for the stake. It launched a placing of new ordinary shares with a floor price of 130p a share, ending on 24 March.

TRIG also said its revolving credit facility increased to £600m from £500m. It said proceeds of the placing would be used to repay amounts drawn under the facility and for near-term funding requirements.

Helen Mahy, TRIG's chairman, said: "Against this uncertain geopolitical backdrop, it remains important to continue to finance renewables projects and play our part not only in the decarbonisation of the energy sector but also contributing to security of power supply for the UK and the EU. In these challenging times, we are grateful for the continuing support of our shareholders."

TRIG shares fell 2.3% to 133.99p at 08:52 GMT.