Renewables investor TRIG launches equity fundraising
March 17 – The Renewables Infrastructure Group Ltd (LON:TRIG) on Monday said it would raise equity in the form of an institutional placing and two offers for subscription.
The UK renewables investor did not provide a target size for the issue. It will use the funds to lower the sum drawn under its acquisition facility and to take advantage of its “pipeline of attractive investment opportunities under consideration.”
The company will sell the shares at GBP 1.0225 (USD 1.516/EUR 1.436), some 1.6% above the estimated net asset value (NAV) per ordinary share as at March 12, to cover the issue costs.
TRIG announced plans for an equity fundraising under its share issuance programme on March 9. The placing and one of the offers for subscription are expected to close on March 26. The other offer is to close in the new UK tax year, on April 17.
TRIG invests mainly in operational onshore wind and solar facilities with a focus on the UK and other Northern European countries. InfraRed Capital Partners Ltd acts as its investment manager and renewables developer Renewable Energy Systems Ltd serves as its operations manager.
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