(Sharecast News) - The Renewables Infrastructure Group (TRIG) has finalised the sale of its entire equity stake in Pallas, an onshore wind farm in the Republic of Ireland, it announced on Tuesday.
The FTSE 250 company said the transaction, valued at €62m, represented a 15% premium over the valuation included in its last portfolio valuation on 31 December.
It said the proceeds would be used to reduce borrowings under its revolving credit facility, with completion of the sale contingent on customary clearances.
The board said the sale aligned with the company's strategic approach of asset rotation aimed at enhancing the overall performance and composition of its portfolio.
Pallas, which was originally constructed in 2008, came under TRIG's ownership in early 2018.
Shortly after purchase, TRIG undertook a site extension, augmenting the wind farm's total generation capacity to 51.6MW.
"We are pleased to successfully conclude another divestment at a premium to net asset value," said Richard Crawford, head of energy income funds at TRIG's advisor InfraRed.
"These accretive disposals demonstrate support for the company's portfolio valuation, and our emphasis on balance sheet discipline."
Reporting by Josh White for Sharecast.com.
Renewables Infrastructure Group (TRIG)