The Renewables Infrastructure Group is looking to raise up to £171m through the issuance of 150 million new shares.
TRIG said the shares will be priced at £1.14 each and are part of wider issuance programme of up to 450 million shares that will take place between 7 March 2019 and 6 March 2020.
The proceeds of the initial 150 million issuance will be used to repay money drawn from the company’s revolving acquisition facility and to help meet outstanding investment commitments that TRIG expects to make.
It said the outstanding commitments are related to the acquisition of the 171.8MW Ertrask wind farm in Sweden and 30MW Solwaybank wind project in Scotland, following its recent announcement to acquire a 50% stake in the 213MW Jadraas wind farm also in Sweden.
The initial offering is open until 27 March, with the results expected on the following day.