TRIG raises additional equity for acquisitions
The Renewables Infrastructure Group Ltd (TRIG), a UK-based investment vehicle, plans to raise £85 million (US$141 million) in a share offer, after it entered into exclusivity agreements in relation to the potential acquisition of five wind and solar assets.
The renewables infrastructure group will issue 85 million shares at a price of £1, with the ability to increase the size of issue to a maximum of £120 million (US$200 million). Shares in the closed-ended investment company traded at £1.02.
Assets coming into the TRIG portfolio will be wind farms at Taurbeg in Ireland (25MW), Tallentire in England (12MW) and Meikle Carewe in Scotland (10MW). All of them previously owned by renewables developer, RES.
Two solar arrays in the south of England totalling 30MW will be also transferred to TRIG. TRIG’s total portfolio will be 366MW after the latest deal.
The Renewables Infrastructure Group Limited is a closed-ended investment company. The company invests principally in a range of operational assets which generate electricity from renewable sources, with a particular focus on onshore wind farms and solar photovoltaic (PV) parks. InfraRed Capital Partners Limited is the investment manager of the company.
The firm announced on Wednesday July 24th, 2013, that it has raised gross proceeds of £300 million in its initial public offering (IPO) of shares on the Main Market of the London Stock Exchange.
In December 2013, Renewables Infrastructure Group Ltd acquired two United Kingdom solar parks in Somerset and the Isle of Wight.
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