The Board of The Renewables Infrastructure Group Limited is pleased to announce the completion of a very successful share issuance, raising £300m.
The issue aimed to raise £171m (150m shares at 114p) to repay its revolving acquisition facility following recent acquisitions and to meet future commitments. The issue was heavily oversubscribed, nearly three times the amount initially available. Given the level of demand, the number of shares available under the issue was increased, raising £302 million (265 million shares). However, it was still necessary to scale back applications materially.
Since January 2018, TRIG has transacted on seven assets with an investment value in excess of £550m and a generating capacity of 540MW. TRIG also has a strong pipeline which includes assets in advanced stages of negotiation. Following admission of the shares the market capitalisation of the company will be c. £1.7bn.
For the full announcement, please follow the RNS issued by TRIG.