The Renewables Infrastructure Group Limited (TRIG), a newly incorporated Guernsey investment company focusing on onshore wind and solar photovoltaic (PV) energy generation assets, announced on Wednesday July 24th, 2013, that it has raised gross proceeds of £300 million in its initial public offering (IPO) of shares on the Main Market of the London Stock Exchange.

The proceeds of the Issue, which was oversubscribed, will be used to acquire a 276 MW (output capacity) 100%-owned initial portfolio of fourteen onshore wind farms and four solar PV parks located in the UK, France and Ireland. TRIG also has an option to acquire an additional onshore 16.1 MW wind farm located in France on completion of grid connection and testing, which is forecast to occur this autumn.

The TRIG group will be managed on a day-to-day basis by InfraRed Capital Partners Limited as discretionary investment manager. Renewable Energy Systems Limited has been appointed as operations manager.

As the Issue was oversubscribed, the subscription by RES has been scaled back in full to its minimum commitment of 15 million Ordinary Shares, representing 5.0 per cent of the issued share capital of the Company immediately following Admission.

Commenting on today's announcement, Helen Mahy, non-executive chairman of the Company, said:

"We are delighted to have successfully raised our full IPO target size of £300 million, making TRIG one of the largest investment company launches in recent years. TRIG's diversified portfolio of high quality operational onshore wind and solar PV generation assets will provide investors with the potential to secure an attractive long term, stable, inflation-linked yield.We look forward to growing TRIG through its access to further UK and Northern European renewables assets to be sourced from both RES' development pipeline and from the wider market."

Canaccord Genuity Limited and Jefferies International Limited acted as joint sponsors and joint bookrunners.

Source: InfraRed Capital Partners