The Renewables Infrastructure Group (TRIG) has raised £62.62m through its latest share issue, significantly higher than the £25m target.
The fund issued 62m new ordinary shares at a price of £1.01 per share. TRIG said the share issue was oversubscribed and demand was been scaled back to 62m.
The shares are expected to start dealing on the London Stock Exchange at 8.00am on 27 September.
The net proceeds from the issue will be applied towards paying down amounts drawn under the group’s revolving acquisition facility and funding the company’s pipeline.
The pipeline includes the acquisition of a 100% interest in a 22.5MW onshore wind project in Scotland from the company’s operations manager, Renewable Energy Systems.
The unnamed project is understood to be the 11-turbine Freasdail on Kintyre, which is at an advanced stage of construction and features Senvion hardware.
Canaccord Genuity and Liberum Capital acted as joint bookrunners in relation to the share issue.
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