TRIG offloads Beatrice stake, advances £400m disposal plan

(Sharecast News) - Renewable energy investment firm The Renewables Infrastructure Group has agreed to sell its 17.5% stake in the 588mw Beatrice offshore wind farm for around �155m, marking further progress towards its �400m, 12month capitalrecycling target.

TRIG said on Monday that the offer was made by an existing coshareholder, Equitix, which exercised its preemption rights under the project's shareholder agreement. TRIG said the deal was subject to final documentation and customary consents.

The FTSE 250-listed firm stated the expected consideration represented a 4% discount to the valuation of its stake at 31 December.

Proceeds will be used to pay down the TRIG's revolving credit facility, which stood at roughly �240m at the end of March, while the disposal will also reduce projectlevel debt by about �220m, reflecting its share of borrowings at Beatrice. In total, the transaction was expected to cut groupwide borrowings by around �375m, from �2.1bn as at 31 March.

Following completion, TRIG said longterm borrowings - including project debt and private placement notes - were expected to represent roughly 39% of group enterprise value.

Managing director Minesh Shah said: "The expected �155m consideration for our stake in the Beatrice offshore wind farm represents meaningful progress towards our 12-month �400m capital realisation target that we set out in May 2026, with further divestments underway. Having been in discussions with a preferred bidder, the pre-emption by a co-shareholder demonstrates the continued attraction of TRIG's renewables investments to private market investors, which we are also seeing in other processes."

As of 0945 BST, TRIG shares were up 0.25% at 74.29p.

Reporting by Iain Gilbert at Sharecast.com

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