TRIG buys 234-MW Spanish solar portfolio from Statkraft

The Renewables Infrastructure Group Ltd (LON:TRIG) said today it has agreed to purchase a 234-MW portfolio of solar projects in Spain’s Cadiz province from Norwegian energy company Statkraft AS.

The portfolio consists of four photovoltaic (PV) schemes that were developed by Statkraft and are planned to be completed in the last quarter of 2022. While three of the projects are shovel-ready, the fourth one is still under development.

All schemes are being realised without using government subsidies. Following the deal, TRIG said its investment manager InfraRed Capital Partners Ltd will consider power price hedging strategies to manage their exposure to changes in merchant power prices.

Being its first investment in Iberia, the deal is seen to diversify TRIG’s geographical footprint. The company expects to close the purchase of three of the projects in the third quarter of this year, while it will take possession of the fourth one in the first quarter of 2022. The acquisition will be financed with revolving debt, retained earnings or capital from a recent equity sale, TRIG said.

Upon completion, the projects are expected to collectively account for 6% of TRIG’s portfolio value.

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