- The Renewables Infrastructure Group (TRIG) said it had raised £302.1m in gross proceeds from its share issue earlier in March to fund future acquisitions.

The net proceeds from the initial issue, as well as the £60m proceeds from the refinancing of its onshore wind portfolio, would be used to repay the £247m drawn under the company's revolving acquisition facility and applied towards its pipeline of investment opportunities, including outstanding commitments.

The company has an active pipeline of investment opportunities - some at an advanced stage - as well as outstanding commitments in respect of the Erstrask and Solwaybank wind farms amounting to £158m.

The initial issue was "heavily oversubscribed", with applications totalling nearly three times the 150m new ordinary shares initially available. As the company has an active pipeline of investment opportunities, it was agreed that it should increase the number of shares available under the initial issue to 265m.

"Such significant oversubscription for this initial issue under the share issuance programme is testament not only to TRIG's demonstrable track record in delivering long-term, sustainable income but also to TRIG's commitment to decarbonisation. This equity issue enables us to capitalise on our exciting near-term investment pipeline and continue to deliver sustainable value to our shareholders," said Helen Mahy, Chairman of TRIG.

Application has been made for the 265m new ordinary shares to be admitted to trading on the main market of the LSE with admission expected to become effective from 1 April.

On admission, the Company's issued share capital would consist of 1,444,961,346 Ordinary Shares with voting rights.

At 8:05am: [LON:TRIG] The Renewables Infrastructure Group Ltd share price was +0.8p at 116.8p

Story provided by