Watson Farley & Williams (“WFW”) has advised InfraRed Capital Partners Limited (“InfraRed”), investment manager to The Renewables Infrastructure Group (“TRIG”), on TRIG’s acquisition of a 17.5% equity interest in the Beatrice offshore wind farm from Copenhagen Infrastructure Partners (“CIP”).
The investment is subject to regulatory and lender consent, which is expected in the next few weeks, and will be funded through a drawdown of TRIG’s revolving credit facility.
The wind farm, located circa 13km off the north east coast of Scotland, has a total installed capacity of 588 MW and comprises 84 Siemens 7 MW turbines using direct-drive technology. This investment is TRIG’s third in a UK offshore wind farm and represents circa 12% of its overall investment portfolio.
InfraRed is an international investment manager focussed on infrastructure and real estate, with offices in London, Hong Kong, New York, Sydney, Seoul and Mexico City. FTSE 250-listed TRIG is a renewable energy infrastructure investment fund with a portfolio of over 74 assets in onshore and offshore wind farms as well as solar projects and battery storage units.
The multidisciplinary WFW London team that advised InfraRed was led by Global Energy Sector Co-Head and Partner Henry Stewart and London Head of Corporate and M&A and Partner Chris Kilburn, supported by Associates Jennifer Evans and Sebastian Lello. Planning and Regulatory Partner Nick Walker advised on planning and EHS matters, while Senior Associates James Harrison, Marianne Anton and John Rosmini handled finance, regulatory and real estate issues respectively. Associate James Fryer assisted on projects-related matters. Tax advice was provided by Tax Partner Richard Stephens and Senior Associate David Jacob.
Henry commented: “We’re delighted to have assisted InfraRed on this substantial addition to TRIG’s offshore wind portfolio”.