TRIG sell Kerry wind farm for €62m

The Pallas onshore wind farm, which is located in North Kerry. 

London investment firm The Renewables Infrastructure Group (TRIG) has sold its 50MW Kerry wind farm to an undisclosed buyer for €62 million.

In an update to the London Stock Exchange, the firm said it has exchanged contracts for the sale of its 100% equity interest in the Pallas onshore wind farm, which is located in North Kerry.

The proceeds from the sale represent a 15% premium to that included in the company's last published portfolio valuation as of December 31 and will be applied to reduce borrowings under the Trig's Revolving Credit Facility. The sale is subject to ordinary course clearances.

The disposal is part of the company's focus on asset rotation to enhance its construction and performance portfolio. 

Constructed in 2008, Pallas was acquired by TRIG in early 2018. It completed a site extension shortly after increasing the total generation capacity to 51.6MW.

Richard Crawford, Head of Energy Income Funds at InfraRed said:

"We are pleased to successfully conclude another divestment at a premium to NAV. These accretive disposals demonstrate support for the Company's portfolio valuation, and our emphasis on balance sheet discipline."

TRIG's operations manager, Renewable Energy Systems (RES) is the world's largest independent renewable energy company, working across 24 countries and active in wind, solar, energy storage, biomass, hydro, green hydrogen, transmission, and distribution. 

RES has delivered more than 24 GW of renewable energy projects across the globe and plans to bring more than 22 GW of new capacity online in the next five years.