The transactions will mark the exit of the Danish investment firm from the £2.6bn Scottish offshore wind project
Copenhagen Infrastructure Partners (CIP) has signed two separate deals to divest its 35% stake in the 588MW Beatrice offshore wind farm in Scotland to The Renewables Infrastructure Group (TRIG) and funds managed by Equitix Investment Management.
The financial terms of the deals were not disclosed.
Both TRIG and Equitix Investment Management are acquiring stakes of 17.5% each in the £2.6bn offshore wind project, which began operations in July 2018.
The two firms are already partners in the 317MW Sheringham Shoal offshore wind farm in the UK.
The Beatrice wind farm will represent nearly 12% of TRIG’s investment portfolio.
TRIG said that its investment is subject to regulatory and lender consents which are anticipated to be received in the coming weeks. The company plans to finance the investment from a drawdown of its revolving credit facility, which has been renewed recently.
The other stakeholders in the Beatrice offshore wind farm are SSE Renewables (40%) and Red Rock Power (25%).
TRIG was advised by InfraRed Capital Partners as investment manager and Renewable Energy Systems (RES) as operations manager.
Richard Crawford of InfraRed Capital Partners said: “We are pleased to have the opportunity to invest in this high-quality project developed by SSE, who are a leading generator of renewable electricity in the UK.
“As investment Manager, InfraRed seeks attractive opportunities for TRIG that increase the robustness of the portfolio, helping to deliver sustainable returns to shareholders from a diversified portfolio of renewables infrastructure.
“This major acquisition represents a continuation of this investment strategy and will be the Company’s third investment in a UK offshore wind farm and its 5(th) in the offshore wind sector.”
Located nearly 13km off the northeast coast of Scotland, the Beatrice offshore wind farm is equipped with 84 7MW turbines from Siemens Gamesa.
The wind farm supplies enough clean energy to power more than 450,000 homes.