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TRIG expands revolver to £500 million with lower ESG-linked pricing
By Taylor Fox
New York, Dec. 18 – The Renewables Infrastructure Group, or TRIG, refinanced and expanded its revolving credit facility to £500 million at lower rates to support its investment in new renewable energy projects, according to a news release.
The renewed facility matures on Dec. 31, 2023.
The interest rate is linked to the company’s performance against defined sustainability targets such as environmental, social and governance targets.
Specifically, the margin can range from 184 basis points to 194 bps over Sonia for sterling drawings and 180 bps to 190 bps over Euribor for euro drawings, depending on the company’s performance against its ESG targets.
Performance against these ESG targets will be measured annually, with the cost of the facility being amended in the following year.
TRIG is using the facility for short-term financing of acquisitions. The company said the larger size of the facility reflects its increased scale of acquisitions.
The company intends to refinance drawings under the facility through the proceeds of equity issuance.
The lenders include National Australia Bank, Royal Bank of Scotland International, ING, Sumitomo Mitsui Banking Corporation, Barclays and Santander.
TRIG is a renewable energy infrastructure investment company based in Guernsey, United Kingdom.
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