Renewables Infrastructure Group raises £78m

The Renewables Infrastructure Group that it has raised gross proceeds of £78m from its recent fund raising and that a total of 78m new ordinary shares will be issued at a price of 100p per share. Of this, 16,011,486 new ordinary shares will be issued as the final tranche of the company’s share issuance programme and the company says that, in view of the strong demand for the issue, an additional 61,988,514 new ordinary shares will be issued under its tap authority. The proceeds from the issue will be used to pay down the Group’s acquisition facility. The company says that this will allow it, “to take advantage of the strong pipeline of attractive investment opportunities currently under consideration”.

The new shares, which are expected to be admitted to trading on 17 November 2015, will have the right to receive the interim dividend for the six months ending 31 December 2015. This has a target figure of 3.11p per ordinary share according to the company. The company says that the issue is expected to be net asset value accretive for existing shareholders (net of fees and expenses associated with the Issue).

Renewables Infrastructure Group raises £78m : TRIG