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TRIG pockets GBP 79.05m from ordinary stock sale

Wind turbine in UK. Author: Mark Thompson. License: Creative Commons. Attribution 2.0 Generic

November 16 (Renewables Now) - The Renewables Infrastructure Group Ltd (LON:TRIG), or TRIG, said on Thursday it has raised some GBP 79.05 million (USD 101.1m/EUR 89.1m) gross from selling ordinary stock in an oversubscribed placement.

The company has issued 71.87 million new ordinary shares, which was the maximum targeted amount, at a price of GBP 1.1 apiece. The raised funds will be used to pay back amounts drawn under TRIG’s revolving acquisition facility with Royal Bank of Scotland Plc, National Australia Bank Limited and ING Bank NV. The facility was about GBP 70.5 million drawn as of November 12, the date of launching the placement.

The offering was completed with strong institutional investor demand that resulted in scaleback at the strike price. Canaccord Genuity Ltd and Liberum Capital Ltd were joint bookrunning managers of the transaction.

TRIG expects the newly-issued stock to start trading on the London stock exchange on November 19.

TRIG's portfolio includes investments in 61 renewable energy projects -- wind, solar and battery storage -- in the UK, France and the Republic of Ireland, with a combined capacity of 938 MW, the group said last month.

(GBP 1.0 = USD 1.278/EUR 1.128)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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