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Prices & Quotes - UK Markets - The Renewables Infrastructure Group Limited (TRIG)

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Share Price:
Down 135.00p
Change Today:
-0.40p
Market Cap:
£2,351.60m
Sector:
Equity Investment Instruments

TRIG quits delayed Swedish wind farm with no loss

By Sean Farrell

Date: Friday 15 May 2020

LONDON (ShareCast) - (Sharecast News) - The Renewables Infrastructure Group (TRIG) said it had pulled out of a delayed wind farm project in Sweden with no financial loss.
TRIG said it had taken a 75% stake in the Ersträsk wind farm's first phase and had intended to invest in phase 2 but had changed its mind after delays.

The company said payment was only due if the turbines became operational by missed milestones and it took no construction or delay risks. Phase 2 would have represented about 6% of TRIG's portfolio value at the end of December.

"Given the near-term prospects for its progression, the company has chosen not to proceed with the investment in phase 2," TRIG said. "TRIG will not suffer any financial loss."

TRIG also said it would exercise an option to sell Phase 1 of Ersträsk back to Enercon, the developer, if phase 2 did not complete. The sale of Phase 1, which was about 2% of TRIG's portfolio value, is expected to complete in the third quarter of 2020.

"TRIG intends to exercise this option given Phase 1 was only intended to be part of the larger project," TRIG said. "The contractual terms provide for the company to recover its investment together with its expected return over the period of its investment."

The company also said it had increased its investment in Fujin SAS, the owner of five French wind farms to 42% from 35%. It said Fujin has inflation-linked feed-in tariffs with EDF that have five years left on average. Fujin represents about 2% of TRIG's portfolio value.

TRIG announced the Ersträsk and Fujin decisions as it confirmed the completion of its 36% equity interest in the Merkur wind farm project in the German North Sea. After selling down a share of its investment to co-investors by July 2020 the project will be about 8% of TRIG's portfolio value.

TRIG said it started the year with £100m of surplus cash. After its investments and the Ersträsk transactions it expects to have drawn about £50m of its revolving credit facility with £35m of commitments for the construction of the Blary Hill and Solwaybank wind farms due for payment over 2020 and 2021.



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TRIG Market Data

Currency UK Pounds
Price 135.00p
Change Today -0.40p
52 Week High 139.60p
52 Week Low 100.00p
Volume 1,925,247
Shares Issued 1,741.93m
Market Cap £2,351.60m

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TRIG Dividends

  Latest Previous
  Q2 Q1
Ex-Div 13-Aug-20 14-May-20
Paid 30-Sep-20 30-Jun-20
Amount 1.69p 1.69p

Trades for 21-Oct-2020

Time Volume / Share Price
16:35 157,773 @ 135.00p
16:29 1 @ 135.20p
16:29 4 @ 135.20p
16:29 1 @ 135.20p
16:29 7,624 @ 135.20p

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