The Board of The Renewables Infrastructure Group Limited (“TRIG”) is pleased to announce that the Company has acquired a 100% interest in Haut Vannier SAS (“Haut Vannier” or “the Project”), with the rights to construct a 43MW wind farm located in Haute-Marne, approximately 65km northeast of the city of Dijon in France.
The Project has been developed by Envision and Velocita, who will continue to carry out the construction, and will consist of 17 Envision 2.5MW E-131 turbines. Construction is underway and the Project is expected to commence operations in Q1 2022. RES will provide asset owner engineer services during the construction period.
The Project will benefit from an attractive 20-year subsidy in the form of an inflation linked Contract-for-Difference with the utility company EDF, which fixes the price to be received for the power. As a result, the Project has no power price risk for the duration of the subsidy term. This acquisition represents the continuation of the Company’s strategy to complement its balanced portfolio with different revenue characteristics to generate sustainable returns for shareholders, within TRIG’s identified key markets.
Once constructed, the Project would represent approximately 1% of TRIG’s portfolio value on a committed investment basis. Following this acquisition, the percentage of TRIG’s assets which are in construction will be approximately 10%.