The Renewables Infrastructure Group (TRIG) plans to raise £50m through a share offering to help fund the acquisition of a wind farm and battery storage facility in the UK.
TRIG said it is in advanced discussions regarding the acquisition from RES of the 30.6MW Garreg Lwyd Hill wind farm in Wales and the 20MW Broxburn storage project in Scotland.
The total price of the transaction is expected to be about £100m, which will also be funded using TRIG’s £150m acquisition facility with the Royal Bank of Scotland and National Australia Bank.
Garreg Lwyd Hill, which is located in Powys, consists of 17 Vestas 1.8MW turbines and is eligible for 0.9 Renewables Obligation Certificates.
Construction of Broxburn will start shortly and is expected to be complete by January 2018.
The facility will have an operational life of 15 years and benefits from a bespoke bilateral contract with National Grid Electricity Transmission to provide dynamic grid balancing services, TRIG said.
The company said the size of the share offering, which will be fixed at a price of £1.03 per share, could increase in the “event of material excess demand for the new ordinary shares or to reduce the amount to be raised pursuant to the placing”.
The results of the share placing will be announced on 30 March, with trading expected to start on 3 April.
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TRIG plans £50m purchasing pot
Share placement to help buy UK wind farm and battery storage facility
By EBS