TIDMTRIG
RNS Number : 7815L
Renewables Infrastructure Grp (The)
15 September 2021
Of
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15 September 2021
The Renewables Infrastructure Group Limited
("TRIG" or "the Company", a London-listed investment company
advised by InfraRed Capital Partners ("InfraRed") as Investment
Manager and RES ("Renewable Energy Systems") as Operations
Manager)
Results of Issue and PrimaryBid Offer
The Board of The Renewables Infrastructure Group Limited, the
FTSE 250 renewable infrastructure investment company with a
diversified portfolio of energy investments across Europe, is
pleased to announce the results of the Company's issue (by way of
placing) under the Company's Share Issuance Programme (the Issue)
and PrimaryBid Offer announced on 31 August 2021.
The Company will issue 161,290,323 New Ordinary Shares at 124
pence per share, raising gross proceeds of GBP200m in aggregate.
The Issue was significantly oversubscribed and a scaling back
exercise has taken place.
The purpose of the fund raise was to repay the Company's
Revolving Credit Facility which, following the completion of the
acquisition of the four solar sites in Iberia announced on 6
September, is expected to be approximately GBP200m drawn. As a
result, the Board, in consultation with the Managers and Joint
Bookrunners, has taken the decision to size the combined Issue and
PrimaryBid Offer at this level.
The Company will issue 159,833,478 New Ordinary Shares issued
pursuant to the Issue and 1,456,845 New Ordinary Shares issued
pursuant to the PrimaryBid Offer.
Investec Bank plc and Liberum Capital Limited acted as Joint
Bookrunners in relation to the Issue.
On behalf of the TRIG Board, Helen Mahy CBE, Chairman of TRIG,
said:
"We are delighted with the strong support from existing
Shareholders and new investors in this fundraising. The proceeds of
the Issue will be used in part to fund TRIG's first investment in
Iberia, a landmark for TRIG, adding further to TRIG's geographic
and technological diversification."
Application for Admission
Application has been made for 161,290,323 New Ordinary Shares to
be admitted to the premium segment of the Official List of the FCA
and to trading on the Main Market of the London Stock Exchange. It
is expected that admission in respect of the New Ordinary Shares
will become effective, and that dealings in the New Ordinary Shares
will commence, at 8.00 a.m. on Friday, 17 September 2021
(Admission).
Total Voting Rights
On Admission, the Company's issued share capital will consist of
2,264,699,253 Ordinary Shares with voting rights.
This figure may be used by Shareholders in determining the
denominator for the calculation by which they will establish if
they are required to notify their interest in, or a change to their
interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.
Capitalised terms will have the meanings given to them in the
prospectus published by the Company, available on its website, in
relation to the Share Issuance Programme on 5 March 2021 unless
otherwise defined in this announcement.
LEI: 213800N06Q7Q7HMOMT20
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Richard Crawford
Phil George
Minesh Shah
Mohammed Zaheer
Investec Bank plc +44 (0) 20 7597 4000
Dominic Waters, Neil Brierley, Will Barnett (Sales)
Lucy Lewis, Denis Flanagan (Corporate Finance)
Tom Skinner (Corporate Broking)
Liberum Capital Limited +44 (0) 20 3100 2000
Andrew Davies, Jack Kershaw, James Shields (Sales)
Chris Clarke, Darren Vickers, Owen Matthews (Corporate
Finance)
MaitlandAMO +44 (0) 20 7379 5151
Notes
The Company
The Renewables Infrastructure Group ("TRIG" or the "Company") is
a leading London-listed renewable energy infrastructure investment
company. The Company seeks to provide shareholders with an
attractive long-term, income-based return with a positive
correlation to inflation by focusing on strong cash generation
across a diversified portfolio of predominantly operating
projects.
TRIG is invested in a portfolio of over 80 wind, solar and
battery storage projects with aggregate net generating capacity of
over 2.2GW, enough renewable power for over one million homes and
displacing over 1.3 million tonnes of carbon emissions per annum
TRIG is seeking further suitable investment opportunities which fit
its stated Investment Policy.
Further details can be found on TRIG's website at
www.trig-ltd.com .
Investment Manager
TRIG's Investment Manager is InfraRed Capital Partners Limited
("InfraRed") which has successfully invested in over 200
infrastructure projects since 1997. InfraRed is a leading
international investment manager focused on infrastructure and real
estate. It operates worldwide from offices in London, Hong Kong,
New York, Seoul, Sydney and Mexico City. With over 190
professionals it manages in excess of USD 12 billion of equity
capital in multiple private and listed funds, primarily for
institutional investors across the globe. InfraRed is authorised
and regulated by the Financial Conduct Authority.
The infrastructure investment team at InfraRed consists of over
85 investment professionals, all with an infrastructure investment
background and a broad range of relevant skills, including private
equity, structured finance, construction, renewable energy and
facilities management.
InfraRed implements best-in-class practices to underpin asset
management and investment decisions, promotes ethical behaviour and
has established community engagement initiatives to support good
causes in the wider community. InfraRed is a signatory of the
Principles of Responsible Investment.
Further details can be found on InfraRed's website at
www.ircp.com .
Operations Manager
TRIG's Operations Manager is RES (" Renewable Energy Systems"),
the world's largest independent renewable energy company.
RES has been at the forefront of wind energy development for
over 39 years, with the expertise to develop, engineer, construct,
finance and operate projects around the globe. RES has developed or
constructed onshore and offshore wind, solar, energy storage and
transmission projects totalling more than 21GW in capacity. RES
supports over 7.5GW of operational assets worldwide for a large
client base. Headquartered in Hertfordshire, UK, RES is active in
10 countries and has over 3,000 employees engaged in renewables
globally.
RES is an expert at optimising energy yields, with a strong
focus on safety and sustainability. Further details can be found on
the website at www.res-group.com .
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