(Alliance News) - Renewables Infrastructure Group Ltd on Wednesday announced its acquisition of a 14% interest in the Green Investment Group Ltd's East Anglia One offshore wind farm in the UK.
Renewables Infrastructure Group is a Guernsey-based investment company focused on renewable energy.
East Anglia One is a 714 megawatt newly constructed operational offshore wind farm located off the coast of Suffolk in the North Sea.
Renewables Infrastructure said the completion of the acquisition is set for the first quarter of 2021.
Following completion of the transaction, offshore wind investments are expected to represent approximately 29% of Renewables Infrastructure's portfolio, the company said.
Renewables Infrastructure has partnered with InfraRed European Infrastructure Income Fund 4 for the transaction, which will acquire a 5.7% interest in the project alongside Renewables Infrastructure. Renewables Infrastructure noted that this is in line with its strategy of partnering with co-investors on larger transactions.
The transaction amount was not disclosed.
The investment will be financed from a combination of the company's cash balance and a drawdown from its revolving facility, Renewables Infrastructure said.
Chair Helen Mahy said: "East Anglia One is Renewables Infrastructure's fourth investment in the offshore wind sector and its second offshore wind investment in the UK. Offshore wind is essential to the UK meeting its 2050 net-zero targets."
Renewables Infrastructure shares were up 0.3% to 134.15 pence each in London on Wednesday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Renewables Infrastructure Group (TRIG)