TRIG has announce that it has entered into an exclusivity agreement with a view to acquiring a 100% interest in a 22.5MW onshore wind project in Scotland from TRIG's Operations Manager, Renewable Energy Systems (RES).
The project, which is in an advanced stage of construction and is expected to be commissioned in the first quarter of 2017, is being made available to TRIG under its First Offer Agreement with RES. The proposed Transaction would increase the aggregate net generating capacity of TRIG's portfolio to 708 MW.
In light of the existing drawings under TRIG's Acquisition Facility, the company announced that it proposed to raise £25 million (US$32.6 million) through an issue of New Ordinary Shares by way of a placing pursuant to its Share Issuance Programme (launched in May 2016).
Given that the company has entered into an exclusivity agreement with RES in respect of the proposed transaction, as a result of which it is anticipated that the company will shortly have additional funding requirements, and having regard to the pipeline of attractive investment opportunities which the Investment Manager is currently evaluating for the company, the directors reserve the right to increase the size of the placing in the event of material excess demand for the New Ordinary Shares.
The placing will be made to qualifying investors through Canaccord Genuity Limited and Liberum Capital Limited, which are acted as the Joint Bookrunners. The net proceeds of the placing will be applied to pay down amounts drawn under the acquisition facility.