The Renewables Infrastructure Group (TRIG), a London-listed investment company advised by InfraRed Capital Partners, is acquiring an additional 11% stake in the Merkur offshore wind farm project.
TRIG said following the deal it will hold a 36% equity interest in the project located in the German North Sea. The stake is being acquired from funds managed by InfraRed.
The investment firm said the additional stake being acquired represents around 2% of TRIG鈥檚 portfolio value. Once completed the total stake in the project will represent approximately 6% of TRIG鈥檚 portfolio by value.
TRIG is also acquired Project Spennymoor, a UK battery storage development project which will have a total capacity of 100MW/200MWh when completed, from renewable energy company RES.
Once operational, Project Spennymoor is expected to represent 2% of TRIG鈥檚 portfolio by value, TRIG said.
Richard Morse, chairman of TRIG, said: 鈥淲e are pleased to be further increasing TRIG鈥檚 stake in Merkur, a project we know well. Merkur is one of six offshore wind farms in the TRIG portfolio, and an asset which reinforces our position of investing in attractive renewable energy projects that contribute to energy security and decarbonisation efforts across Europe.鈥�
Richard Crawford, the head of energy income funds at InfraRed Capital Partners, said: 鈥淭RIG鈥檚 investment in Project Spennymoor deepens our position in the flexible capacity sector, which is going to become increasingly important as renewables penetration increases.
鈥淚nvestments in battery storage projects such as these not only complement the renewable generation assets in the portfolio but also leverage the strong expertise of InfraRed and RES.鈥�
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