The Renewables Infrastructure Group (LON:TRIG) has agreed a binding offer to dispose of its entire 17.5% stake in the Beatrice offshore wind farm for c. £155m, subject to transaction documentation and customary consents.
Minesh Shah, Managing Director, 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.”
TRIG has received a binding offer for its entire 17.5% equity interest in the 588MW Beatrice offshore wind farm, which is located off the north-east coast of Scotland. The consideration is c. £155m. The offer has been received from an existing co-shareholder (funds managed by Equitix Investment Management Ltd) in accordance with the pre-emption terms in the project’s shareholders’ agreement. The Transaction is subject to transaction documentation and customary consents.
The expected consideration is at a 4% discount to the valuation of TRIG’s stake in the Beatrice wind farm as at 31 December 2025 and represents meaningful progress against the 12-month £400m capital realisation target set at the Capital Markets Seminar in May 2026. The c. £155m proceeds of the sale will be used to reduce borrowings under the Company’s revolving credit facility, which was drawn c. £240m as at 31 March 2026.
The sale will also reduce project-level borrowings by c. £220m representing The Renewables Infrastructure Group’s share of the associated project-level debt in Beatrice. In aggregate, the sale will reduce borrowings across the Group, which were c. £2.1bn as at 31 March 2026, by c. £375m.
Following completion of the Transaction, long-term borrowings (project level borrowings plus the Company’s private placement debt) are expected to represent c. 39% of the Group’s enterprise value.
As announced alongside the Capital Markets Seminar in May 2026, the Board’s capital allocation policy remains to prioritise capital return to shareholders via share buybacks, reduce RCF borrowings and invest into higher returning proprietary internal opportunities. TRIG continues to progress its £150m share buyback programme, with £112m of the programme completed and £38m remaining as at 12 June 2026. 143m shares have been repurchased under the programme to date.
There can be no certainty that the Transaction will complete until definitive documentation has been executed and customary conditions satisfied. Contracts are expected to be signed in Q3 2026 with completion expected before the end of the year subject to the timing of third-party consents.
