British renewable energy trust The Renewables Infrastructure Group Ltd (LON: TRIG) announced that it had made two investments in onshore wind power in France, for what is understood to be an undisclosed fee.
It made an investment in a smaller venture, the Epine wind farm in northern France, which it acquired from Nordex (ETR: NDX1) and TTR Energy and has a 36 megawatt output.
The larger project it undertook was the acquisition of all shareholder loans and a 34.6% equity interest in holding company Fujin, which owns five wind warms in France with a collective generation output of 87.8 megawatts.
The Renewables Infrastructure Group comment
In its statement, the Company told investors,
“The Board of TRIG is pleased to announce that the Company has made two onshore wind investments, increasing the proportion of the portfolio in France from 10% to 13%.”
“The Fujin portfolio was acquired with project finance in place which is fully amortising during the subsidy period whilst Epine is in the process of raising project finance which will amortise on the same basis.”
“These investments have both been financed from the Company’s cash resources following its recent fund raise.”
The Trust’s shares have rallied modestly in early morning trading, up 0.55% or 0.7p to 128.5p a share on Friday morning 28/06/19 11:05 GMT.