TRIG, a London-listed investment company, has acquired a 50 percent interest in two Swedish onshore pre-construction wind farms in Ranasjö and Salsjö.

The projects are located in central Sweden and together are referred to as Twin Peaks, with a combined capacity of 242MW. The transaction is expected to complete by July 2021.

On completion, the windfarms are together expected to represent approximately 4.5 percent of TRIG's portfolio value on a fully committed basis. Investments in Sweden will now account for approximately 15 percent of TRIG's portfolio. This acquisition also takes the company's exposure to construction projects to approximately 11 percent of portfolio value.

Overall, TRIG has total commitments of approximately £200m including Twin Peaks due over the next three years to fund construction phase projects. TRIG's revolving credit facility is currently £135m drawn.

The company is advised by InfraRed Capital Partners (InfraRed) as Investment Manager and RES (Renewable Energy Systems) as operations manager.

As part of the transaction, TRIG has partnered with InfraRed European Infrastructure Income Fund 4 which will also acquire a 50 percent interest in the project. This is consistent with TRIG's strategy of partnering with aligned co-investors on larger acquisitions whilst maintaining a diversified portfolio.

The asset has been sourced bilaterally, building on InfraRed's existing relationship with Arise, an active developer of projects in the Nordics and UK. TRIG previously acquired the 213MW Jädraås wind farm from the developer in 2019. The projects are being funded on an ungeared basis.

Helen Mahy, chairman of TRIG, said: "The Nordics is a key region for our diversified portfolio and we're pleased to continue our relationship with Arise. We firmly believe developing and leveraging relationships through our Managers is crucial in an increasingly competitive market for renewables, whilst partnering with aligned co-investors enhances our access to attractive opportunities."