The Renewables Infrastructure Group (TRIG) has agreed to sell its entire 17.5% stake in the 588MW Beatrice offshore wind farm in Scotland to funds managed by Equitix Investment Management for approximately £155m.
Located off the north-east coast of Scotland, the Beatrice project became fully operational in the summer of 2019 following capital expenditure of around £2.5bn.
London-listed TRIG said the sale of its stake follows the exercise of a pre-emption right by Equitix under the project’s shareholders’ agreement.
The proposed transaction remains subject to final documentation and receipt of customary consents. Contracts are expected to be signed in the third quarter of 2026, with completion targeted before the end of the year, subject to third-party approvals.
According to TRIG, the expected sale price represents a 4% discount to its valuation of the stake as of 31 December 2025. The company will use proceeds from the sale to reduce the balance on its revolving credit facility, which was drawn at around £240m at the end of March 2026.
The transaction will also reduce project-level borrowings attributed to TRIG by approximately £220m, reflecting the company’s share of associated debt in Beatrice.
In aggregate, total group borrowings, reported at roughly £2.1bn as of 31 March 2026, are set to be lowered by around £375m as a result of the sale.
Following completion, TRIG estimates that long-term borrowings including project and private placement debt will constitute approximately 39% of the group’s enterprise value.
TRIG views the disposal as “meaningful progress” towards meeting its capital realisation target of £400m over 12 months, a goal outlined at its Capital Markets Seminar in May 2026.
The company’s board stated that its capital allocation policy continues to focus on returning capital to shareholders through share buybacks, reducing revolving credit facility drawdowns and investing in internal opportunities with higher returns.
TRIG said that it is continuing its £150m share buyback programme, having completed £112m and repurchased 143 million shares as of 12 June 2026, with £38m worth of buybacks remaining.
TRIG managing director Minesh Shah said: “The expected £155m consideration for our stake in the Beatrice offshore wind farm represents meaningful progress towards our 12-month £400m capital realisation target that we set out in May 2026, with further divestments under way.
“Having been in discussions with a preferred bidder, the pre-emption by a co-shareholder demonstrates the continued attraction of TRIG’s renewables investments to private market investors, which we are also seeing in other processes.”
