The Renewables Infrastructure Group Limited - Results of Placing, Open Offer and Offer for Subscription

Date

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA. 

This announcement is an advertisement and not a prospectus. Investors should not purchase or subscribe for any transferable securities referred to in this announcement except on the basis of information contained in the prospectus dated 10 March 2014 published by The Renewables Infrastructure Group Limited in connection with the placing, open offer and offer for subscription of C shares (the "C Shares") and the admission of C shares  to the standard segment of the Official List of the Financial Conduct Authority (the "Official List") and to trading on London Stock Exchange plc's main market ("Main Market") for listed securities (the "London Stock Exchange"). This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States or in any other jurisdiction. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

THE RENEWABLES INFRASTRUCTURE GROUP LIMITED

Results of Placing, Open Offer and Offer for Subscription

The Renewables Infrastructure Group Limited (the “Company”) is pleased to announce the results of the Placing, Open Offer and Offer for Subscription of C Shares (the “Issue”).  The Issue has raised gross proceeds of £66.2 million.

A total of 66,154,395 C Shares will be issued at a price of £1.00 per C Share, of which 45,078,070 C Shares will be issued pursuant to the Open Offer, 519,000 C Shares will be issued pursuant to the Offer for Subscription and 20,557,325 C Shares will be issued under the Placing.  Renewable Energy Systems Limited, the Company’s operations manager, subscribed for 3.75m C Shares (equivalent to its open offer entitlement).  All applications will be met in full.

The net proceeds of the Issue will be used to fund the pipeline of Additional Investments by the Group. The C Shares will convert into Ordinary Shares on a NAV for NAV basis at the time of conversion (which will occur no later than 31 July 2014).  The New Ordinary Shares arising on conversion will be entitled to the interim dividend of 3p per Ordinary Share which the Company is targeting to pay in September 2014, in respect of the 6 month period ending June 2014.

Application has been made for the C Shares to be admitted to the Official List of the UK Listing Authority and to trading on the standard segment of the Main Market of the London Stock Exchange.

The International Security Identification Number for the C Shares is GG00BJWVDP92 and the TIDM is TRGC.

Canaccord Genuity Limited ("Canaccord Genuity") and Jefferies International Limited ("Jefferies") acted as joint sponsors and joint bookrunners.

Commenting on today's announcement, Helen Mahy, non-executive chairman of the Company, said:

“We are delighted that so many of our existing shareholders, including our larger institutional investors, have supported this capital raising, recognising the appeal of TRIG’s attractive yield. The capital will be used to finance the acquisition of the two large solar parks by the Group announced yesterday1 and, with the Group’s revolving acquisition facility, will be used to acquire further investments from our strong pipeline of opportunities. With 319 MW spread across 22 investments in three countries and two sectors, we have the largest and most diverse portfolio amongst our peers and this capital raising enables further investments to be added to the Group’s portfolio of operational onshore wind and solar PV assets.”

The Company announced the acquisition of a further two UK solar parks with combined generating capacity of approximately 30.4MW for an aggregate consideration of between £34.5 million and £37 million on 27 March 2014.  The transaction was funded from the Group's acquisition facility and will be repaid from proceeds of the Issue. The projects were acquired from a group of private developers and are being constructed by a specialised German EPC contractor with a significant track record in solar PV and incorporate modules supplied by Hanwha SolarOne, a leading solar PV module manufacturer. Tamar Heights Solar Park, located near Barnstaple in Devon is already connected and Stour Fields Solar Park, located near Colchester in Essex is expected to be connected by 31 March 2014 to qualify under the UK's support banding of 1.6 renewables obligation certificates (ROCs) per MWh.

Expected timetable

Event 

Date (2014)

Admission to the Official   List and commencement of dealings in C Shares    

8.00 a.m. on Wednesday, 2   April

Expected date for crediting of C Shares to CREST accounts in uncertificated form 

As soon as possible on Wednesday, 2 April

Expected date of despatch of definitive share certificates for  C Shares in certificated form  

Week commencing 7 April 

Latest date for conversion of C Shares into Ordinary Shares

By 31 July