TRIG acquires the Grönhult onshore wind farm in Sweden

The Renewables Infrastructure Group (TRIG) has announced that it has acquired the Grönhult onshore wind farm in Sweden. Grönhult is a 67.2 MW ready-to-build onshore wind farm located in the southwest of Sweden. The Grönhult project is being acquired from Vattenfall, the leading Swedish utility and a major developer of renewables, who will also manage the construction process. The Project will consist of 12 Vestas 5.6MW turbines with construction starting in Q2 2021. The Project is expected to become operational at the end of Q4 2022. On completion, Grönhult is expected to represent approximately 3% of TRIG’s portfolio value (on a fully committed basis) and investments in Sweden will account for 10% of TRIG’s portfolio. This acquisition takes the Company’s exposure to construction projects to approximately 6% of its portfolio value.

Grönhult will receive market based revenues once it is operational and the TRIG’s investment manager will consider a range of power price hedging strategies. TRIG says that Grönhult is expected to benefit from increasing electricity demand through greater electrification of transport and the expansion of other energy intensive industries such as data centres in and around Stockholm and Gothenburg. Construction will be funded through equity investment rather than with  project debt.

Comments from Richard Crawford, Director, Infrastructure at InfraRed Capital Partners, TRIG’s investment manager

“We are pleased to expand our presence in Sweden with high quality partners. The Nordic region represents a key market for the Company with a strong pipeline and favourable economics for onshore wind.”

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