The Renewables Infrastructure Group (TRIG) is planning a new share issuance to raise funds for investments in clean energy assets.
The initial offering will be priced a £1.23 a share, with the plan to issue up to 600 million new shares over the next 12 months.
TRIG said the initial offer price represents a discount of 5.7% on the closing price of over £1.30 on 4 March.
Investec Bank is acting as sole sponsor and joint bookrunner with Liberum Capital.
TRIG chair Helen Mahy said: “Investment in renewables is at the heart of the transition to net zero carbon economics.
“TRIG’s diversified portfolio of wind farms and solar parks across the UK and continental Europe is capable of powering over one million homes and displacing over 1.3 million tonnes of carbon emissions a year.
“Further growth of the portfolio, financed through this share issuance programme, will increase TRIG’s contribution to decarbonisation, whilst also delivering to investors an attractive dividend yield.
“We welcome investment from existing and new, private and institutional, shareholders.”