The Renewable Infrastructure Group Ltd (Trig) a Guernsey, Channel Islands-based clean energy investor has announced it is to invest up to $61 million in 15 solar PV projects located in France.
The investment plan has been drawn up alongside French clean power company Akuo Energy Group, which will hold a 51% stake in the completed projects, compared to Trigs 49%. Trigs portion of the purchase amounts to 21.7 MW of the total capacity and has been funded via a mezzanine loan mechanism by an acquisition facility the company holds with Bank of Scotland and National Australia Bank.
The solar projects will comprise ground-mounted and rooftop installations, and will be located across various parts of mainland France, Corsica, and even the French overseas territories of La Reunion and Guadaloupe.
Once completed, each of the solar installations will have long-term power purchase agreements (PPAs) signed with Electricite de France SA, according to a Trig statement.
"The transaction adds attractive, highly predictable revenue streams to Trig through the French FIT at a time when the volume of solar opportunities in the U.K. is expected to decline with the reductions in government support," said Richard Crawford, who works as Trigs investment manager via his role as director of infrastructure at InfraRed Capital partners.