TRIG Invests $61 Million in 15 French Solar Parks With Akuoby
Investor seeks deal outside U.K. after government cuts support
Projects in mainland France, Corsica, La Reunion, Guadeloupe
The Renewables Infrastructure Group Ltd., a clean-energy investor based in Guernsey, is plowing 57 million euros ($61 million) into 15 French ground-mounted and rooftop solar photovoltaic plants, alongside Akuo Energy Group.
The projects in mainland France, Corsica, La Reunion and Guadeloupe all have power purchase agreements with Electricite de France SA, TRIG said Tuesday in a statement. Total generating capacity is 49 megawatts, and TRIG’s interest in them amounts to 21.7 megawatts, it said.
“The transaction adds attractive, highly predictable revenue streams to TRIG through the French feed-in tariff mechanism at a time when the volume of solar opportunities in the U.K. is expected to decline with the reductions in government support,” said Richard Crawford, director of infrastructure at InfraRed Capital Partners, TRIG’s investment manager.
TRIG will take a 49 percent stake in a portfolio holding company, according to the statement. Akuo will hold the remainder. TRIG’s purchase also includes a mezzanine loan, the company said, without detailing the size of the loan. The purchase is being funded by an acquisition facility it holds with Bank of Scotland Plc and National Australia Bank Ltd.