Renewables Infra extends acquisition facility to 2019

The Renewables Infrastructure Group (TRIG) said it has extended its £150m revolving acquisition facility until 2019.

The facility, with Royal Bank of Scotland and National Australia Bank, has a 205 basis point margin over Libor and has a £15m working capital element. It has been used to to buy interests in 29 projects, most recently in relation to TRIG's investment in the Fred. Olsen UK wind portfolio and the Akuo Energy French solar portfolio.

“The renewed facility maintains TRIG's flexibility to acquire further renewable energy generation projects prior to raising fresh equity,” the company said.

"Use of the facility also reduces the impact on the group's investment returns of cash drag which can otherwise result from holding significant amounts of un-invested cash on balance sheet."

TRIG invests in 51 onshore wind and solar photovoltaic projects in the UK and Northern Europe. It said it was targeting an aggregate dividend of 6.25pa share for the year to 31 December 2016.