5th Mar 2021 11:33
(Alliance News) - Renewables Infrastructure Group Ltd on Friday said it plans to publish and prospectus and circular for a new 12-month share issuance programme for up to 600 million shares.
The FTSE 250-listed investment trust announced the launch of the initial issue, comprising an initial open offer; initial intermediaries offer; initial offer for subscription; and initial placing. This will all be priced at 123 pence per share. The maximum amount raised under the initial issue will not exceed GBP300 million.
Shares in the company were down 3.8% at 125.49p in London on Friday morning.
Renewables Infrastructure explained that: "The board believes that it is important to offer all investors the opportunity to participate in the company's growth, including smaller private shareholders who are not permitted to participate in institutional placings."
The company intends to use net proceeds from each issue under the programme, including the initial issue, for renewable energy infrastructure assets investments, including outstanding commitments and repaying the revolving credit facility debt used to purchase assets.
The side of the initial issue can be increased if demand exceeds the target size. Investec Bank PLC is sole sponsor and joint bookrunner with Liberum Capital Ltd.
Chair Helen Mahy said: "Investment in renewables is at the heart of the transition to net zero carbon economics. [Renewables Infrastructure Group's] diversified portfolio of wind farms and solar parks across the UK and continental Europe is capable of powering over one million homes and displacing over 1.3 million tonnes of carbon emissions [per annum]. Further growth of the portfolio, financed through this share issuance programme, will increase TRIG's contribution to decarbonisation, whilst also delivering to investors an attractive dividend yield. We welcome investment from existing and new, private and institutional, shareholders."
By Anna Farley; [email protected]
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