March 29 (Renewables Now) - The Renewables Infrastructure Group Ltd (LON:TRIG), or TRIG, said on Thursday it has raised GBP 302.1 million (USD 395.1m/EUR 351.7m) gross from the sale of new ordinary stock in a transaction that was “heavily oversubscribed.”
TRIG commenced the placement at the beginning of March, seeking to raise GBP 171 million in gross proceeds to repay debt and cover outstanding investment commitments. As the initial offering amount of 150 million shares was oversubscribed by nearly three times, the company agreed to upsize the placing to 265 million. Nevertheless, TRIG still had to scale back applications materially, it said.
Among the commitments that will benefit from the fresh funds is the acquisition of a 75% interest in the 171.8-MW Ertrask wind farm and the purchase of the 212.9-MW Jadraas wind farm in Sweden, as well as the construction of the 30-MW Solwaybank wind project in Scotland.
"This equity issue enables us to capitalise on our exciting near-term investment pipeline and continue to deliver sustainable value to our shareholders," commented Helen Mahy CBE, chairman of TRIG.
The newly-issued stock is expected to start trading on the main market of the London bourse on April 1.
(GBP 1.0 = USD 1.308/EUR 1.164)