The Renewables Infrastructure Group (TRIG) has entered into an exclusivity agreement to acquire a 22.5MW wind farm in Scotland from Renewable Energy Systems (RES).
The specific project was not mentioned although it is understood to be the 11-turbine Freasdail on Kintyre, which is at an advanced stage of construction and features Senvion hardware.
TRIG said the project is expected to be commissioned in the first quarter of 2017.
It added that the wind farm is being made available under its “first offer agreement with RES”.
TRIG said that, in light of existing drawings under its acquisition facility, it is to raise £25m through an issue of new ordinary shares, which will not be offered at a fixed price.
The fund said the number of shares issued may increase “in the event of material excess demand”.
The volume of shares issued and the issue price will be announced shortly after the latest date for receipt of bids, which is midday on 23 September.
TRIG said it expects the shares to start trading on the London Stock Exchange on or around 27 September.
The joint bookrunners on the placement are Canaccord Genuity and Liberium Capital, it added.
Image: Morgue File
