17th Jul 2015 09:14
LONDON (Alliance News) - Renewable Infrastructure Group Ltd said it has raised GBP127.5 million after completing the placing of 126.5 million new shares at 101.0 pence each.
That placing was originally announced earlier this month, with the proceeds being used to partly fund the GBP246 million investment in a portfolio of six wind farms in the UK under an agreement with Fred Olsen Renewables Ltd.
The portfolio covers six operating onshore wind farm projects in Scotland with a total of 433 megawatt of generating capacity, and the acquisition includes a 49% equity interest in the projects and 100% of a mezzanine-level loan to back the deal.
It has been funded from existing cash resources at Renewables Infrastructure, plus the drawdown of its expanding acquisition facility with Royal Bank of Scotland and National Australia Bank.
"The proceeds from the placing will be used towards reducing the amount drawn under the group's acquisition facility used to partially fund the recent investment in a portfolio of six operational onshore wind projects," said the company Friday.
Renewable Infrastructure shares were up 0.3% to 101.53 pence per share Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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