Renewables Infrastructure Group (TRIG ), the £3bn investment company that recently reported record earnings for 2022, has entered into a corporate power purchase agreement with BT Group (BT/A) for its Scotland-based onshore wind farm, Blary Hill.

TRIG has agreed pricing for the 10-year PPA on pay-as-produced terms, providing long-term price security while delivering BT a supply of renewable power at an agreed price.

Blary Hill has a capacity of 35 megawatts, which consists of 14 Nordex 2.5MW turbines. Completed a year ago within budget and ahead of schedule, the project was fully funded from re-investment proceeds. It is managed by its operations manager, RES.

‘This is TRIG’s first corporate PPA and we are pleased to be entering this agreement with a strong counterparty in BT Group that supports the UK transition to net zero,’  said InfraRed Capital portfolio manager Richard Crawford. ‘Off-takers are seeing the benefits of fixing following the high power prices and volatility seen in 2022. We continue to look for attractive opportunities to fix revenues for TRIG, including through corporate PPAs.’

Launched nearly 10 years ago, onshore wind makes up half the 5.8%-yielder’s European portfolio, with offshore constituting 33%, solar, 13% and flexible capacity (including battery storage and green hydrogen), the remaining 4%, according to the March factsheet.

Over the past 12 months, the investment company has seen its shares fall 1.8% to trade at an 8.2% discount to net asset value, according to Numis. Over the same period, NAV has climbed 19%. Over five years, the shares have gained 55.9%, beating the renewable infrastructure sector’s 54.8% average.