Sheringham Shoal deal marks TRIG’s entry in offshore wind market

The Renewables Infrastructure Group (TRIG), one of the most prominent British investment trusts that specializes in shelling out cash for renewable power generation projects, has reportedly poured in some cash in the Sheringham Shoal offshore wind farm. As per sources, the investment company has paid up an amount of GBP 80 million to purchase a stake of 14.7% in Sheringham Shoal, through which it plans to strongly penetrate UK offshore wind industry.

For the uninitiated, the Sheringham Shoal wind farm, located in the North Sea, boasts of a capacity of 316.8 MW, and has been established by Statoil. Commissioned in the year 2012, the farm comprises close to 88 turbines manufactured by the Siemens company, each with a capacity of 3.6 MW. As per estimates, currently, Statoil holds around 40% of the farm, while Macquarie’s Green Investment Group owns around 20%. TRIG has obtained the 14.7% stake through a joint venture firm, while another company, Equitix Limited, which holds a stake of 25.3% in Sheringham, will be managing the overall funds offered by TRIG in the project.

Sources state that this buyout is TRIG’s debut investment in offshore wind market. According to the company’s chairperson, Helen Mahy, TRIG has been pondering over entering offshore wind market since a while now. She was further quoted stating that since Sheringham Shoal has a strong backing with experienced renewable energy industry players staking their claim in the farm, it would indeed be the apt project through which TRIG could safely establish its position in offshore wind industry.

Reports state that TRIG’s partial buyout of Sheringham Shoal equals to around 47 MW capacity, and scales up the company’s project portfolio to a mammoth 820 MW. It has been speculated that through this deal, TRIG is likely to join the likes of major players in the regional offshore wind market.