The Board of The Renewables Infrastructure Group (TRIG) has announced that a total of 78 million new ordinary shares will be issued at a price of 100 pence per share raising gross proceeds of £78 million (US$118.5 million).
16,011,486 new ordinary shares will be issued as the final tranche of the share issuance programme and, in view of the strong demand for the Issue, an additional 61,988,514 new ordinary shares will be issued under the company's tap authority.
The proceeds from the Issue will be applied to pay down the group's acquisition facility positioning the company to take advantage of the strong pipeline of attractive investment opportunities currently under consideration.
The new ordinary shares will, when issued, rank pari passu with the company's existing ordinary shares, including having the right to receive the interim dividend for the six months ending 31 December 2015, which has a target figure of 3.11 pence per ordinary share. The issue is expected to be net asset value accretive for existing shareholders.
Application has been made for all of the new ordinary shares to be admitted to the premium listing segment of the official list of the FCA and to be admitted to trading on the London Stock Exchange's main market for listed securities.
Canaccord Genuity and Jefferies acted as joint sponsors and joint bookrunners.
Commenting on today's announcement, Helen Mahy, non-executive chairman of the Company, said:
"We are delighted with the results of this latest issue, which brings the total new equity raised in 2015 to £316 million, demonstrating strong, continued appeal of the asset class. With the revolving acquisition facility replenished, we continue to pursue opportunities to expand and further diversify our portfolio which currently comprises 658MW of solar and wind assets in the UK, France and Ireland."