The Renewables Infrastructure Group (TRIG) has raised over £277m through a share issue.
The proceeds will be used for the completion of the acquisition of Hornsea 1 and repaying debt drawn under TRIG’s revolving credit facility.
TRIG is purchasing a 7.8% equity interest in the Hornsea 1 offshore wind farm in the UK, completion of which is expected in the coming weeks.
The company is purchasing an equity interest alongside Equitix, which has acquired an undisclosed percentage in the wind farm.
TRIG issued 210,104,535 new ordinary shares, at a price of £1.32, to raise the funds, which is maximum number permitted under the company’s tap authority.
TRIG said there was strong institutional and retail demand for the issue, at a range of prices, and applications have been scaled back at the strike price.
Sun Life Assurance Company has subscribed for 11.4 million of the ordinary shares.
TRIG chairman Helen Mahy said: “We are grateful for the significant support from our shareholders to finance the growth of renewables.
“The acquisition of a stake in Hornsea One, the world’s largest operating offshore wind farm, furthers TRIG’s contribution to the energy security and decarbonisation agendas.
“The headroom created by this fundraising enables InfraRed to continue to pursue attractive opportunities on behalf of the company.”