Published: 18 Dec 2020, 12:23
By:
Reporter, Solar Power Portal
TRIG chairman Helen Mahy CBE with RES chairman Gavin McAlpine and Scottish minister Ivan McKee at the Broxburn Energy Storage facility in 2018. Image: RES.
The Renewables Infrastructure Group (TRIG) has secured a £500 million ESG-linked SONIA credit facility to support its new investments.
It has therefore successfully refinanced and expanded its revolving credit facility (RCF), with this having been done at lower rates. In May 2020, the company raised £120 million to go towards the RCF, issuing 100 million new ordinary shares. The refinanced RCF has been made available for a three-year term, with TRIG stating that the larger size reflects its increased scale of acquisitions.
The Renewables Infrastructure Group (TRIG) has refinanced and expanded its revolving credit facility to £500m (€408m) to support its investment in new renewable energy projects.
The facility, which is used by the company for short-term financing of acquisitions, has been made available to TRIG for a three-year term and is currently undrawn.
The larger size reflects the increased scale of acquisitions being made by the company, TRIG said.
The lenders include existing financiers National Australia Bank, Royal Bank of Scotland International and ING and three new participants Sumitomo Mitsui Banking Corporation, Barclays and Santander.
InfraRed Capital Partners director of infrastructure Richard Crawford said: “This expanded loan facility will allow us to take full advantage of our promising pipeline and provide even more clean energy to more homes across our core markets.
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The UK s energy mix is in the process of transitioning from coal and gas towards renewables and has been for some time. During the first quarter of 2020, 47 per cent of the UK s electricity generation came from wind and solar.
When all sources of renewables are included, such as biomass and hydro, the forecast is for around 80 per cent of our power to come from renewables by 2040.
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