The Renewables Infrastructure Group has raised over £302m through the issuance of 265 million new shares.
TRIG had initially issued 150 million shares but this was oversubscribed by nearly three times and so the company agreed to increase the placing to 265 million.
The proceeds will be used to repay money drawn from TRIG’s revolving credit acquisition facility, meet outstanding investment commitments and fund new acquisitions.
TRIG said the acquisition facility is currently drawn £247m after its initial investment in the 171.8MW Erstrack wind farm and taking a 50% stake in the 213MW Jadraas wind project (pictured). Both plants are in Sweden.
The company also has outstanding commitments related to its investment in the 30MW Solwaybank wind farm in Scotland.
TRIG chairman Helen Mahy said: “The board would like to thank TRIG’s existing shareholders and new investors for their support in the company’s fundraising.
“Such significant oversubscription for this initial issue under the share issuance programme is testament not only to TRIG’s demonstrable track record in delivering long-term, sustainable income but also to TRIG’s commitment to decarbonisation.
“This equity issue enables us to capitalise on our exciting near-term investment pipeline and continue to deliver sustainable value to our shareholders.”
The share issuance is part of a wider programme to place 450 million shares between 7 March this year and 6 March 2020.
Meanwhile, TRIG said it has completed the refinancing of six wind farms it co-owns in Scotland, which will result in the company receiving a £60m repayment.
The projects are Crystal Rig 1 and 2, Rothes 1 and 2, Paul’s Hill and Mid Hill.