June 30 (Renewables Now) - VH Global Sustainable Energy Opportunities Plc (LON:GSEO) has successfully completed its previously announced share placing, raising gross proceeds of GBP 122 million (USD 148.4m/EUR 141m).
The renewables investor is issuing a total of 110.9 million new shares at GBP 1.1 apiece pursuant to a placing, open offer, offer for subscription and intermediaries offer, together referred to as the initial issue.
The company reiterated it will use the proceeds to invest in several sustainable energy infrastructure opportunities identified by its investment adviser Victory Hill Capital Advisors LLP within three to six months. It previously said it is targeting a so-called “enhanced pipeline” that consists of three projects totalling GBP 280 million, including a 153-MW onshore wind portfolio in Mexico and a 198-MW hydropower plant in Brazil.
Bernard Bulkin, Chair of GSEO, noted that since its listing in February 2021, the company has successfully committed or deployed around GBP 290 million across a portfolio of 24 diverse assets.
“This further capital commitment of GBP 122 million, from both new and existing shareholders, will support our future growth ambitions and takes our total capital raised to over GBP 455 million in less than 18 months,” he added.
Bulkin and three other company directors have taken part in the initial issue.