11th Aug 2014 15:28
LONDON (Alliance News) - Renewables Infrastructure Group Ltd Monday said it almost doubled the size of its placing due to high institutional demand, raising GBP38.6 million from the oversubscribed fundraising.
In a statement, the group said it has placed 36.7 million new shares at 105 pence each. It plans to raise around GBP20 million through a cash placing with institutional investors, having just bought several solar generating projects in the UK.
Renewables Infrastructure shares were Monday quoted down 0.7% at 106.00p.
The renewable energy infrastructure company had intended to raise GBP20.0 million through the share placing at the same price.
The net proceeds of the issue will be used to substantially repay the group's revolving acquisition facility.
"We are delighted by the response to this placing and would like to thank existing shareholders for their support as well as to welcome several major institutional investors to the company," Chairman Helen Mahy said in a statement.
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.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Update By Samuel Agini; [email protected]; @samuelagini
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