TRIG raises £110 million in new equity to fund a pair of deals
The Board of The Renewables Infrastructure Group Limited (TRIG) has announced that the company has raised gross proceeds of £110.0 million (US$110 million) through the issue of 106,796,117 New Ordinary Shares at a price of 103.0 pence per New Ordinary Share. The placing was materially oversubscribed and demand has been scaled back substantially to £110 million. This represents a significant increase from the company's initial target size of £50 million for the placing.
Applications have been made for the New Ordinary Shares to be admitted to the premium segment of the Official List and to trading on the Main Market of the London Stock Exchange.
The net proceeds from the placing will be applied towards TRIG's pipeline of acquisitions, including the previously announced 100 per cent. interest in a 30.6MW onshore wind project in Wales and a 100 per cent. interest in a battery storage project in Scotland with 20MW of output capacity in respect of which the Company has entered into exclusivity agreements with its Operations Manager, Renewable Energy Systems (RES).
Canaccord Genuity and Liberum Capital acted as joint bookrunners in relation to the placing.
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