Renewables Infrastructure Group Ltd on Monday reported the closure of its partial equity sale in the Gode One offshore wind farm for €100 million, with its two-year total divestment proceeds now totalling £210 million.

The Guernsey-based renewable energy investment company said it completed the sale of a 15.2% equity interest in the 350-megawatt Gode One offshore wind farm project in Germany. The firm acquired a 25% stake in the project in 2019.

Renewables Infrastructure first announced the sale to funds managed by Equitix Investment Management Ltd in August last year.

It said this occurred at a 9% premium to the carrying value, with proceeds of €100 million having been received and utilised to reduce its borrowings under its revolving credit facility to £228 million.

Renewables Infrastructure still holds a 9.8% interest in the project.

It added that following the sale completion, its total divestment proceeds over the last two years is £210 million, at an average 11% premium to carrying values.

The firm said divestments and financings being pursued by managers underpinned its decision to treble its buyback programme in February to £150 million from £50 million.

Renewables Infrastructure shares rose 1.0% to 73.00 pence on Monday morning in London.

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