15th Sep 2021 08:48
(Alliance News) - Renewables Infrastructure Group Ltd on Wednesday said it raised GBP200 million through a "significantly oversubscribed" share placing.
The Guernsey-based sustainable energy sources investor said 161.3 million new shares were placed at 124 pence each, through both the company's share issuance programme and a PrimaryBid offer to retail investors.
The placing was first announced in late August to repay amounts drawn under Renewables Infrastructure's revolving credit facility, which is expected to be around GBP200 million once its acquisition of four solar photovoltaic sites in Spain is completed by the first quarter of 2022.
Investec Bank PLC and Liberum Capital Ltd acted as joint bookrunners.
The investor added that, due to significant oversubscription, a scaling back exercise took place.
"We are delighted with the strong support from existing shareholders and new investors in this fundraising," said Chair Helen Mahy.
"The proceeds of the issue will be used in part to fund TRIG's first investment in Iberia, a landmark for TRIG, adding further to TRIG's geographic and technological diversification."
Shares in Renewables Infrastructure were up 2.2% at 127.55 pence in London early Wednesday.
By Josie O'Brien; [email protected]
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