Renewables Infrastructure Group Ltd - investment trust dedicated to investments in assets generating electricity from renewable sources - Proposes issue of 160 million shares at 125 pence each, hoping to raise GBP200 million.
Says the net proceeds of the issue will be applied towards repaying amounts expected to be drawn under the company's revolving credit facility in the near term, funding its existing commitments - which predominantly relate to East Anglia One offshore wind farm - and the acquisition of pipeline assets.
"I would like to express our gratitude to existing and new shareholders for their support in this fundraising. The issue was very well supported and 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," Chair Helen Mahy says.
Investec Bank and Liberum Capital acted as joint bookrunners in relation to the issue.
Current stock price: 125.8 pence
Year-to-date change: down 9.1%
By Paul McGowan; paulmcgowan@alliancenews.com
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Renewables Infrastructure Group (TRIG)