28th Mar 2014 11:51
LONDON (Alliance News) - The Renewables Infrastructure Group Ltd Friday said it had raised gross proceeds of GBP66.2 million through a placing, open offer and subscription for C shares, money it will use to fund the purchase of two large solar parks and future investments.
In a statement, the company said it will issue nearly 66.2 million C shares in total at GBP1.00 a share. The C shares will convert into ordinary shares by the end of July.
The fundraising comes a day after The Renewables Infrastructure Group said it would buy another two UK solar parks for between GBP34.5 million and GBP37 million. Chairman Helen Mahy said the remaining funds will be used to buy other investments from a "strong pipeline of opportunities".
The solar and onshore wind assets investor said it now has 319 megawatts spread across 22 investments in three countries.
Its shares were up 0.5% at 101.8 pence Friday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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