TRIG seeks GBP 297m to finance investments

The Renewables Infrastructure Group Ltd (LON:TRIG) today announced plans to launch a share issue that will provide it with capital to cover its near-term investment requirements.

The UK fund estimates it will need around GBP 200 million (USD 267.5m/EUR 225.3m) to finance the recent purchase of a 14.3% indirect equity stake in the 714-MW East Anglia One offshore wind farm and the 43-MW Haut Vannier wind project in France, as well as for outstanding commitments on some projects under construction. Separately, TRIG noted it has a pipeline of investment opportunities involving over 250 MW of offshore wind assets across its key markets.

Through a non-pre-emptive tap issue, TRIG plans to sell up to 237.94 million new ordinary shares at GBP 1.25 apiece. It already has the right to issue 63.7 million shares and will seek permission from its AGM Tap Authority for an additional issue of up to 174.2 million. If the consent is not granted before its 2021 annual general meeting, only GBP 79.7 million of gross proceeds will be targeted. In this case, TRIG noted, its ability for further acquisitions will be weakened.

The stock is planned to be offered at a price that represents a 5.6% discount to the closing mid-market price of TRIG’s stock on November 20. The shares will be listed in London, with dealings anticipated to begin on December 15.

Investec Bank and Liberum Capital will be joint bookrunners of the placement, which is due to be completed on November 27.

(GBP 1.0 = USD 1.337/EUR 1.127)

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