28th Mar 2019 08:56
LONDON (Alliance News) - Renewables Infrastructure Group Ltd said Thursday it has completed the share issue announced earlier in March, raising GBP302.1 million, which will allow the investment trust to refinance its revolving acquisition facility.
Renewables Infrastructure said it also will refinance six of its co-owned Scottish wind farms, with GBP60 million being repaid to the company as part of the deal.
Renewables Infrastructure - which investments in assets generating electricity from renewable sources - said its initial issue was "heavily oversubscribed", with applications nearly tripling the initial 150 million shares offered.
As a result, Renewables Infrastructure increased the shares available in the offer to 265 million, raising a total of GBP302.1 million. The shares were priced at 114 pence each.
Shares Renewables Infrastructure were up 0.9% Thursday morning at 117.00 pence each.
Renewables Infrastructure said it decided to increase the shares on offer due to its "active pipeline".
The company said some of its investment opportunities are at an advanced stage and are expected to reach completion in the near term, as well as outstanding commitments of GBP158 million for its Erstrask and Solwaybank wind farms.
Of the 265.0 million shares issued, 129.7 million will be issued under the initial open offer - including 33.6 million under the excess application facility- 18.8 million shares will be issued for subscription and 116.5 million will be issued after the initial placing.
On admission, expected April 1, Renewables Infrastructure will have 1.44 billion shares in issue.
"The board would like to thank Renewables Infrastructure's existing shareholders and new investors for their support in the company's fundraising. Such significant oversubscription for this initial issue under the share issuance programme is testament not only to Renewables Infrastructure's demonstrable track record in delivering long-term, sustainable income but also to Renewables Infrastructure's commitment to decarbonisation," said Chair Helen Mahy.
The proceeds from the placing will be used to repay the GBP247 million drawn from its revolving acquisition facility.
Related Shares:
Renewables Infrastructure Group