TRIG pockets USD 364m to fund Hornsea One stake purchase

The Hornsea One wind park. Image by: Ørsted A/S.

March 25 (Renewables Now) - The Renewables Infrastructure Group Ltd (LON:TRIG) has raised GBP 277.3 million (USD 364m/EUR 330m) gross from its recently unveiled equity issue to support the purchase of a minority stake in the 1.2-GW Hornsea One wind farm in UK waters, among others.

The offering was met with strong institutional and retail demand, TRIG said in a bourse filing on Thursday. The company has issued a total of 210.1 million new ordinary shares at a strike price of GBP 1.32 apiece. Of the total volume on offer, Sun Life Assurance Company of Canada has subscribed for 11.4 million ordinary shares.

The raised proceeds will fund TRIG’s acquisition of a 7.8% interest in the Hornsea One offshore wind park from Global Infrastructure Partners (GIP). The transaction is expected to be wrapped up in the coming weeks. A portion of the fresh capital will go to repay debt drawn under TRIG’s revolving credit facility.

Investec Bank and Liberum Capital Ltd acted as joint bookrunners of the placement.

TRIG will apply to list the newly-issued stock for trading on the premium segment of the London bourse and the main market for listed securities. It expects that stock to start trading on March 28.

(GBP 1.0 = USD 1.313/EUR 1.190)

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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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