TRIG to acquire 7.8% stake in 1.2-GW Hornsea One offshore wind farm

Hornsea One offshore wind park. Image by: Ørsted A/S.

March 17 (Renewables Now) - The Renewables Infrastructure Group Ltd (LON:TRIG) today said it will buy a 7.8% stake in the 1.2-GW Hornsea One wind farm in UK waters and announced a share issue to back its funding requirements.

According to a bourse filing on Thursday, TRIG has exchanged contracts for the planned acquisition with Global Infrastructure Partners (GIP), which owns Hornsea One through a 50/50 joint venture (JV) with Denmark’s Ørsted A/S (CPH:ORSTED). The transaction is expected to be finalised towards the end of the first half of 2022.

TRIG noted that its investment is subject to regulatory and lender consents, seen to be received in the coming months.

The Hornsea One complex is located 120 km off the coast of Yorkshire, England. It is powered by 174 Siemens Gamesa turbines that became fully operational in January 2020, forming the world’s largest offshore wind farm. The plant, operated by Ørsted, has in place an inflation-linked Contract-for-Difference (CfD) that expires in 13 years.

EQUITY ISSUE

TRIG is launching a placement of new ordinary shares, which will be sold at a strike price of at least GBP 1.3 (USD 3.82/EUR 3.46) apiece. The final issue price and the number of shares to be offered will be set after a bookbuilding process.

Funds from the placing will be allocated to repay debt under TRIG’s existing revolving credit facility and to support near-term funding needs. The company expects that the newly-issued stock will start trading on the bourse on March 28. The offering is due to close on March 24.

Investec Bank and Liberum Capital Ltd are acting as joint bookrunners of the transaction.

(GBP 1.0 = USD 1.317/EUR 1.193)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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