Guernsey-based investment company, The Renewables Infrastructure Group Limited (TRIG), has received approval from its shareholders to partly shift its focus from onshore wind and solar PV and invest up to 20% of its portfolio in a broader array of projects including offshore wind.
Looking ahead, TRIG believes that politically-driven constraints mean that the next Contracts-for-Difference (CfDs) in the UK – replacing ROCs as the mainstay support scheme for new projects – are likely to be focused on offshore wind.
In the UK budget in March it was announced that the government will auction up to a further GBP 730 million of CfDs to support the development of up to 4GW of offshore wind and other technologies, excluding onshore wind and solar.
The company sees itself as well placed to invest across multiple technologies and markets to take advantage of opportunities across its existing technologies, onshore wind and solar PV, as well as in offshore wind, a sector with meaningful scale and track record in the UK and elsewhere.
The acquisition of larger-scale projects or portfolios in the UK – especially in offshore wind – may be transacted in partnerships with existing owner-developers or alongside other major institutional investors also seeking to gain exposure to large-scale renewables, TRIG said.
Richard Crawford, Director, Infrastructure, InfraRed Capital Partners, said: “We continue to see a broad pipeline of projects – both in our existing technologies and in offshore wind, a sector which seems likely to offer significant opportunities for TRIG in the years ahead.”