TRIG issues GBP 78m of shares, preps for acquisitions

The Renewables Infrastructure Group Ltd (LON:TRIG) said Friday it has raised gross proceeds of GBP 78 million (USD 118.7m/EUR 110.6m) from its latest share issue.

TRIG will use the funds to pay down its acquisition facility and position itself to take advantage of a pipeline of investment opportunities currently under consideration.

"With the revolving acquisition facility replenished, we continue to pursue opportunities to expand and further diversify our portfolio which currently comprises 658MW of solar and wind assets in the UK, France and Ireland," commented TRIG non-executive chairman Helen Mahy. She said that the issue brought the amount of equity raised by the fund in 2015 to GBP 316 million, pointing to strong, continued interest in the asset class.

The share sale will see the investment company issue a total of 78 million ordinary shares at a price of GBP 1.00 apiece. As part of it, around 16 million shares, the quantity that had remained available under TRIG's share issuance programme, will be issued as the final tranche of the programme. Furthermore, in response to strong demand, close to 62 million shares will be issued under the company's tap authority.

(GBP 1.0 = USD 1.522/EUR 1.418)

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