Norton Rose Fulbright has advised on an investment executed by InfraRed Capital Partners on behalf of The Renewables Infrastructure Group Limited (TRIG) in a portfolio of six operating onshore wind farm projects in Scotland developed by Fred.Olsen Renewables Limited (FORL).

The investment comprises the purchase of a 49% equity interest in a portfolio holding company, Fred. Olsen Wind Limited (FOWL), which wholly owns six operating onshore wind farm project companies spread over four different locations in Scotland, together with the provision of 100% of a six-year fully amortising mezzanine-level loan. FORL will continue to partner with TRIG, retaining a 51% equity interest in the portfolio.

The investment is being initially funded from TRIG’s cash balances and from its acquisition facility with Royal Bank of Scotland plc and National Australia Bank Limited.

The deal increases TRIG's portfolio net generating capacity (pro rata to equity interests) by 48% to approximately 658MW (gross capacity: 879MW).

TRIG was advised by InfraRed Capital Partners as investment manager.

Stephen Rigby, a corporate partner in the London office of Norton Rose Fulbright, commented:

“We are delighted to be involved in this significant transaction, which represents a major expansion in TRIG’s business by adding scale and diversification to its wind farm portfolio.”

The Norton Rose Fulbright team was led by Stephen Rigby and included Keith Law, Andy Davies, Andrew Hedges, Suni Miletic, Matt Hodkin and Julia Lloyd. Law firm Burness Paull advised TRIG on Scots law aspects of the transaction.

TRIG is a leading renewable energy infrastructure company delivering long-term, stable dividends from a diversified portfolio of onshore wind and solar photovoltaic projects in the UK and Northern Europe. TRIG is invested in a portfolio of 36 projects in the UK, France and the Republic of Ireland.

InfraRed is a leading global investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Paris, Seoul and Sydney. With over 100 professionals it manages in excess of USD8 billion of equity capital in multiple private and listed funds, primarily for institutional investors across the globe.