31st Aug 2021 09:08
(Alliance News) -Â Renewables Infrastructure Group Ltd on Tuesday said it plans to issue new shares under its share issuance programme.
The shares will be priced of 124 pence each, being a discount of 3.6% to Friday's closing price of 128.6p. Investec Bank PLC and Liberum Capital Ltd are acting as joint bookrunners in respect of the issue.
Alongside this, the renewable infrastructure investor is launching a conditional offer for subscription via PrimaryBid.
Shares in Renewables Infrastructure were down 2.1% at 125.95p in London early Tuesday.
"The board believes that it is in the interests of the company and shareholders as a whole to issue further new ordinary shares with net proceeds used to repay amounts drawn under its [revolving credit facility] and near-term funding requirements," the company said.
The RCF is currently GBP141 million drawn following investments made earlier in the year.
It added that "further attractive investment opportunities" are under consideration.
It said: "The company is at an advanced stage of negotiations to acquire a portfolio of Solar PV assets located on the Iberian Peninsula (the Iberian Solar Portfolio) although there can be no guarantee that this investment will be completed."
By Lucy Heming;Â [email protected]
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