The Renewables Infrastructure Group (TRIG), a UK-based investment company, has announced the acquisition of a 14.3% indirect equity stake in 714MW East Anglia One offshore wind farm in the UK from Green Investment Group (GIG).

For the deal, the company has collaborated with InfraRed European Infrastructure Income Fund 4 (IREIIF4), which is managed by InfraRed that will acquire a 5.7% indirect equity interest in the project along with TRIG.

Located offshore East Anglia, in the British waters of the southern North Sea, the East Anglia One features 102 units of SWT-7.0-154 wind turbines supplied by Siemens Gamesa.

The offshore wind farm is estimated to generate enough electricity to power more than 630,000 households per year.

The wind project was developed by ScottishPower Renewables, a subsidiary of Iberdrola.

TRIG said that the offshore wind project benefits from an attractive Contract-for-Difference (CfD) subsidy for the next 15 years with inflation indexation.

TRIG chairman Helen Mahy said: “We are delighted to be investing in this high quality asset which marks our continued commitment to supporting the global transition to a more sustainable future, and to be joining with such well-established and respected partners in Green Investment Group and ScottishPower Renewables.

“East Anglia One is TRIG’s fourth investment in the offshore wind sector and its second offshore wind investment in the UK. Offshore wind is essential to the UK meeting its 2050 net-zero targets.”

TRIG’s portfolio to contain 29% offshore wind investments with East Anglia One stake

Subject to a consent from The Crown Estate, the transaction is estimated to be concluded by the first quarter of next year.

The transaction is estimated to bring TRIG’s share of offshore wind investments in its portfolio to 29%.

The company will fund the transaction with a combination of its existing cash balance and a drawdown from its revolving acquisition facility.

Recently, TRIG has acquired 100% interest in Haut Vannier, a 43MW wind farm in France, for an undisclosed sum.