10th Mar 2014 14:44
LONDON (Alliance News) - The Renewables Infrastructure Group Ltd Monday said it plans to raise GBP85 million before expenses in a share offer, after it entered into exclusivity agreements in relation to the potential acquisition of five projects worth a total of around GBP85 million.
It will issue 85 million C Shares at a price of 100 pence, with the ability to increase the size of issue to a maximum of GBP120 million.
The C shares will convert into ordinary shares on a net asset value for net asset value basis at the time of conversion, which will occur no later than July 31, 2014.
The potential acquisitions include two solar parks in Southern England and four wind farms, two in the Republic of Ireland, one in Scotland, and one in England. Renewables said these acquisitions represent around 78 megawatts of aggregate generating capacity.
Shares in the closed-ended investment company last traded at 102.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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Renewables Infrastructure Group