TRIG agrees sale of Beatrice offshore wind farm stake to Equitix

The Renewables Infrastructure Group (TRIG) has agreed to merchantability its full 17.5% involvement successful the 588MW Beatrice offshore upwind workplace successful Scotland to funds managed by Equitix Investment Management for astir £155m.

Located disconnected the north-east seashore of Scotland, the Beatrice task became afloat operational successful the summertime of 2019 pursuing superior expenditure of astir £2.5bn.

London-listed TRIG said the merchantability of its involvement follows the workout of a pre-emption close by Equitix nether the project's shareholders' agreement.

The projected transaction remains taxable to last documentation and receipt of customary consents. Contracts are expected to beryllium signed successful the 3rd 4th of 2026, with completion targeted earlier the extremity of the year, taxable to third-party approvals.

According to TRIG, the expected merchantability terms represents a 4% discount to its valuation of the involvement arsenic of 31 December 2025. The institution volition usage proceeds from the merchantability to trim the equilibrium connected its revolving recognition facility, which was drawn astatine astir £240m astatine the extremity of March 2026.

The transaction volition besides trim project-level borrowings attributed to TRIG by astir £220m, reflecting the company's stock of associated indebtedness successful Beatrice.

In aggregate, full radical borrowings, reported astatine astir £2.1bn arsenic of 31 March 2026, are acceptable to beryllium lowered by astir £375m arsenic a effect of the sale.

Following completion, TRIG estimates that semipermanent borrowings including task and backstage placement indebtedness volition represent astir 39% of the group's endeavor value.

TRIG views the disposal arsenic "meaningful progress" towards gathering its superior realisation people of £400m implicit 12 months, a extremity outlined astatine its Capital Markets Seminar successful May 2026.

The company's committee stated that its superior allocation argumentation continues to absorption connected returning superior to shareholders done stock buybacks, reducing revolving recognition installation drawdowns and investing successful interior opportunities with higher returns.

TRIG said that it is continuing its £150m stock buyback programme, having completed £112m and repurchased 143 cardinal shares arsenic of 12 June 2026, with £38m worthy of buybacks remaining.

TRIG managing manager Minesh Shah said: "The expected £155m information for our involvement successful the Beatrice offshore upwind workplace represents meaningful advancement towards our 12-month £400m superior realisation people that we acceptable retired successful May 2026, with further divestments nether way.

"Having been successful discussions with a preferred bidder, the pre-emption by a co-shareholder demonstrates the continued attraction of TRIG's renewables investments to backstage marketplace investors, which we are besides seeing successful different processes."