Renewables Infrastructure Group Ltd - Guernsey-based renewable energy investor - Agrees to acquire a 7.8% equity interest in the Hornsea One offshore wind farm from Global Infrastructure Partners for an undisclosed sum.
The wind farm covers an area of 407 square kilometres and is located off the Yorkshire coast of England.
Also announces the increase of its revolving credit facility to GBP600 million from GBP500 million. The facility is currently GBP73 million drawn and expires on December 31, 2023.
In addition, Renewables Infrastructure is proposing to raise fresh funds through the issue of shares, citing attractive opportunities across its core markets.
Investec and Liberum will act as joint bookrunners and start a bookbuilding process to determine the level of demand. The number of shares to be issued and at what price will be determined at the close of the process on Thursday next week.
However, the price per share will at least be 130.0 pence.
Current stock price: 133.33 pence, down 2.8% on Thursday
12-month change: up 7.7%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Renewables Infrastructure Group (TRIG)