Wind farm in Scotland. Author: Neil Williamson. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.
UK investment company The Renewables Infrastructure Group Ltd (LON:TRIG) has raised gross proceeds of GBP 62.62 million (USD 81.1m/EUR 72.2m) in a placing, whose size was significantly increased from the GBP 25 million targeted initially.
TRIG said Friday the placing was materially oversubscribed and, at the strike price of GBP 1.01 demand was scaled back to 62 million new ordinary shares.
The wind and solar investor announced the placing on September 14 along with an exclusivity agreement to acquire a 22.5-MW onshore wind project in Scotland from its operations manager, Renewable Energy Systems (RES). It will use the proceeds to pay down amounts drawn under its revolving acquisition facility and fund its pipeline, including the acquisition of the 22.5-MW project.
TRIG said that with another 208 million shares available for issuance under its share issuance programme that ends on April 26, 2017 and the full amount available under its revolving acquisition facility, it was in a strong position to take advantage of acquisition opportunities.