Renewables Infrastructure invests EUR57m in solar projects

AIM-listed investment company The Renewables Infrastructure Group has exchanged contracts to invest €57m (£42m) in a portfolio of 15 French solar ground-mounted and rooftop photovoltaic projects, alongside French renewable energy firm Akuo Energy.

The deal will increase the group’s portfolio net generating capacity by around 22 megawatts to 680 megawatts.

The projects are located in mainland France, Corsica and overseas departments, with revenues wholly-derived from French feed-in tariffs with no exposure to power price market fluctuations for an average of 16 years from acquisition.

The company said the deal will increase its solar PV projects to around 30% of the overall portfolio value and the portion of non-UK projects to approximately 13%.

“The transaction continues TRIG's strategy of investing in long-term income-producing operating projects diversified by geography, power market and technology.”

At 1418 GMT, shares were up 0.2% to 102.70p.