The Renewables Infrastructure Group (LSE:TRIG) has completed the disposal of its 17.5% stake in the 588MW Beatrice offshore wind farm, using the proceeds to reduce its revolving credit facility drawings to £184m.

What was announced

The Renewables Infrastructure Group Limited (TRIG) said on 29 October 2026 that it has completed the sale of its entire 17.5% equity interest in the Beatrice offshore wind farm, a 588MW project off the coast of Scotland. The total consideration is £157m.

The disposal was first announced on 15 June 2026. Completion followed receipt of the relevant third-party consents. The announcement does not name the buyer, and it does not disclose how the sale price compares with the carrying value of the stake in TRIG's net asset value (NAV), or whether the company recorded a gain or loss on the transaction.

The numbers

TRIG said the proceeds have been used to reduce drawings under its revolving credit facility (RCF) to £184m.

Because Beatrice carried its own project-level debt, the sale also removes around £210m of project-level borrowings that were attributable to TRIG's 17.5% share. Taken together with the RCF repayment, aggregate group borrowings have fallen by about £365m to approximately £1.7bn.

On TRIG's definition, group borrowings now represent 43% of enterprise value. The company defines enterprise value as NAV plus RCF drawings, private placement debt and project-level debt, so the ratio captures both debt held at the fund level and debt sitting within the underlying projects.

The disposal represents around 40% of the £400m capital realisation target that TRIG set out at its Capital Markets Seminar in May 2026. That target is intended to be met over a 12-month period. As a calculation, the £157m from Beatrice leaves roughly £243m of the target still to be realised.

Capital allocation and strategy

TRIG reiterated the Board's priorities for deploying realised capital. First is reducing RCF borrowings, which the Beatrice proceeds have already been used for. Second is returning capital to shareholders. Third is investing in higher-returning proprietary opportunities within the existing portfolio, but only where those opportunities exceed the hurdle rate set by share buybacks. The announcement does not specify any buyback amount or timetable.

The company said that further divestment processes remain underway, indicating that additional asset sales may follow as it works towards the £400m goal. No details of those processes were given.

The statement did not include comments from the chair or the investment manager.

Background

TRIG is a London-listed investment company that holds a portfolio of wind, solar and battery storage projects across six European markets, with net operational capacity of 2.3GW. According to the company, in 2025 its portfolio generated enough electricity to power the equivalent of 1.6 million homes and avoided 1.8 million tonnes of carbon emissions a year.

The fund's investment manager is InfraRed Capital Partners, a mid-market infrastructure manager that is part of SLC Management, the alternatives business of Sun Life. InfraRed manages around US$13bn of equity capital and has more than 160 staff. The operations manager is RES (Renewable Energy Systems), which operates in 24 countries, has delivered more than 29GW of renewable projects and supports 45GW of renewable assets, with about 4,500 staff.

The Beatrice sale is part of a broader programme to recycle capital, reduce debt and fund shareholder returns. Selling a minority stake in an offshore wind farm that carries project-level leverage has the effect of reducing both direct fund borrowings and look-through debt.

What to watch next

The main points to follow are progress on the remaining divestment processes and how much of the outstanding £400m target TRIG can realise within the 12-month window. Investors will also be looking for detail on how the Board balances further debt reduction against capital returns and reinvestment, including whether additional share buybacks are announced, and for an update on the NAV impact of the disposals at the company's next valuation.