11th Aug 2014 08:33
LONDON (Alliance News) - Renewables Infrastructure Group Ltd Monday said it plans to raise around GBP20 million through a cash placing with institutional investors, having just bought several solar generating projects in the UK.
The closed-ended investment company said the new shares will be issued at 105 pence each, and is expected to be accretive to its net asset value per share, after costs.
Renewables Infrastructure shares were trading 0.7% lower Monday morning, at 106.00 pence.
Last week, the company acquired three operational solar photovoltaic parks in Dorset, Norfolk and Cornwall, with combined generating capacity of 56.6 megawatts, for an aggregate valuation of GBP73.7 million.
The company said it has now drawn GBP40 million of its revolving acquisition facility.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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