Renew Infra acquires stake in East Anglia One wind farm

Investment firm The Renewables Infrastructure Group has acquired a 14.3% stake in the UK's East Anglia One offshore wind farm.

Renew Infra said on Wednesday that it had exchanged contracts with Green Investment to acquire an indirect equity interest in the 714-megawatt wind farm off the coast of Suffolk by way of taking up a 50% stake in the holding company through which GIG's initial investment was made.

The FTSE 250-listed firm said following completion of the acquisition, expected to take place by the end of the first quarter of 2021, offshore wind investments were expected to represent approximately 29% of the company's portfolio.

Renew Infra said the investment would be financed from a combination of its existing cash balance and a drawdown from the group's revolving acquisition facility.

The company also revealed that it had partnered with InfraRed European Infrastructure for the transaction, which will acquire a 5.7% indirect equity interest in the project.

Chairman Helen Mahy said: "We are delighted to be investing in this high-quality asset which marks our continued commitment to supporting the global transition to a more sustainable future, and to be joining with such well-established and respected partners in Green Investment Group and ScottishPower Renewables."

As of 0830 GMT, Renew Infra shares were down 0.15% at 133.60p.