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.
The Renewables Infrastructure Group Limited (TRIG)
The Renewables Infrastructure Group (“TRIG” or the “Company”) is a leading London-listed renewable energy infrastructure investment company. The Company seeks to provide shareholders with an attractive long-term, income-based return with a positive correlation to inflation by focusing on strong cash generation across a diversified portfolio of predominantly operating projects. TRIG is targeting an aggregate dividend of 6.64 pence per Ordinary Share for the year to 31 December 2019.
TRIG is invested in a portfolio of 64 wind, solar and battery storage projects in the UK, France, the Republic of Ireland and Sweden including the acquisition announced today, with aggregate net generating capacity of 1,363MW. TRIG is seeking further suitable investment opportunities which fit its stated Investment Policy.
Further details can be found on TRIG’s website at www.trig-ltd.com.
InfraRed Capital Partners Limited (InfraRed)
TRIG’s Investment Manager is InfraRed, which has successfully invested in over 200 infrastructure projects since 1997. InfraRed is a leading global investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Seoul and Sydney. With around 130 professionals it manages in excess of USD 10bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed is authorised and regulated in the UK by the Financial Conduct Authority.
The infrastructure investment team at InfraRed consists of c. 80 investment professionals with an infrastructure investment background and a broad range of relevant skills, including private equity, structured finance, construction, renewable energy and facilities management.
InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment.
Further details can be found on InfraRed’s website, www.ircp.com.
TRIG’s Operations Manager is RES (Renewable Energy Systems Limited), the world’s largest independent renewable energy company.
RES has been at the forefront of wind energy development for over 35 years, with the expertise to develop, engineer, construct, finance and operate projects around the globe. RES has developed or constructed onshore and offshore wind, solar, energy storage and transmission projects totalling more than 16GW in capacity. RES’ operational asset portfolio exceeds 3.5GW worldwide for a large client base. Headquartered in Hertfordshire, UK, RES is active in 10 countries and has over 2,000 employees engaged in renewables globally.
RES is an expert at optimising energy yields, with a strong focus on safety and sustainability. Further details can be found on the website at www.res-group.com.