TRIG seeks fresh funds from new stock offering

Nov 5, 2014 - UK investment firm Renewables Infrastructure Group Ltd (LON:TRIG), or TRIG, said yesterday it plans to sell up to 250 million newly-issued shares under a fundraising initiative.

The plan is in line with the company’s share issuance programme that aims to repay a GBP-80-million (USD 128m/EUR 102m) revolving credit facility and support investments. The UK firm noted that it “may also undertake project level refinancing of assets in its portfolio which are currently ungeared” for the purpose.

At present, TRIG is holding advanced negotiations for “investment opportunities” worth GBP 50 million and is also assessing several options to invest in onshore wind and solar projects estimated at over GBP 200 million, it noted.

The share issue has to receive approval from the company’s stockholders. A decision is to be taken at an extraordinary general meeting scheduled for November 24. TRIG will issue a prospectus for its share issuance programme by the end of this month.

Since its incorporation in July 2013, TRIG has bought into 398 MW of onshore wind and solar schemes in the UK, France and Ireland. At the end of August, the company purchased 56.5 MW of operational solar parks in the UK from a joint venture of British Solar Renewables Ltd and Spanish lender Banco Santander SA (BME:SAN).

(GBP 1.0 = USD 1.600/EUR 1.275)

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