TRIG seeks to get GBP 79m from new share issue

The Renewables Infrastructure Group Ltd (LON:TRIG) said on Monday it plans to raise up to GBP 79 million (USD 101.5m/EUR 90.3m) from selling new ordinary shares.

The stock of up to 71.9 million will be sold to qualifying investors through a non-pre-emptive tap issuance. TRIG plans to use the proceeds to pay back amounts drawn under its revolving acquisition facility with Royal Bank of Scotland Plc, National Australia Bank Limited and ING Bank NV. The facility is about GBP 70.5 million drawn as of the date of the announcement.

The placement will be launched through corporate brokers Canaccord Genuity Ltd and Liberum Capital Ltd. They will hold a bookbuilding process that will close on November 15, when results of the placement will be announced, as well.

TRIG noted that the new ordinary shares will qualify for interim dividends for the October-December quarter, expected to be allocated in March 2019. Its net asset value per ordinary share at September 30 amounted to GBP 1.078.

The newly-issued stock will trade on the main market of the London bourse, expected to occur on or around 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 1.285/EUR 1.143)

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