Published: 27 Nov 2020, 15:19
Helen Mahy, RES chairman Gavin McAlpine and Scottish minister Ivan McKee at the Broxburn Energy Storage facility in 2018. Image: RES.
The Renewables Infrastructure Group (TRIG) has raised £200 million in its most recent share allocation.
TRIG announced on 23 November its intention to issue 160 million New Ordinary Shares to raise further funding to support repaying the amount to be drawn under the company’s revolving credit facility (RCF) in the near term, as well as funding existing commitments relating predominantly to the East Anglia One offshore wind farm.
Beyond this, the raise will be used for the acquisition of pipeline assets, the company said.
Helen Mahy CBE, chairman of TRIG, expressed her gratitude and that of the Board to the existing and new shareholders that supported the fundraising.
“The placing was oversubscribed, demonstrating a continued endorsement of the company’s strategy and approach to generating sustainable returns from a diversified portfolio of renewables infrastructure that contributes towards a zero-carbon future,” she added.
On 24 November, TRIG published a circular to ensure it could allot up to a further 174,192,585 ordinary shares, which represents 10% of the company’s ordinary share capital, to facilitate the allocation.
The share allocation follows the Renewables Investment Group raising £120 million through the sale of 100 million shares in May, which was set to go towards its RCF.
For this most recent share issue, Investec Bank and Liberum Capital Limited acted as Joint Bookrunners.