The Renewables Infrastructure Group (TRIG) is to issue 160 million new ordinary shares raising gross proceeds of £200m (€224m) for new acquisitions.
The money raised will also be used to repay amounts expected to be drawn under the company’s revolving credit facility in the near term and to fund existing commitments, mainly its 14.3% share in the 714MW East Anglia 1 offshore wind farm (pictured).
Investec Bank and Liberum Capital acted as joint bookrunners in relation to the issue, TRIG said.
TRIG chair Helen Mahy said: “On behalf of the TRIG board, I would like to express our gratitude to existing and new shareholders for their support in this fund raising.
“The placing was oversubscribed, demonstrating a continued endorsement of the company’s strategy and approach to generating sustainable returns from a diversified portfolio of renewables infrastructure that contributes towards a zero-carbon future.”