TRIG beats expectations with £62m share offer

The UK-listed company has surpassed the £25m it planned to raise to help pay for a Scottish wind farm it agreed to purchase last week.

The Renewables Infrastructure Group (TRIG), a subsidiary of InfraRed Capital, has raised over £62 million ($80.39 million; €71.56 million) through a share offer after agreeing to purchase a 22.5MW wind farm in Scotland last week.

TRIG said it issued 62 million new ordinary shares for 101 pence per share. The placing was oversubscribed and grossed proceeds of £62.2 million, more than the £25 million TRIG floated earlier .

After this share placing, the company said it will have a balance of 208 million new ordinary shares, or C shares, available for issuance.

TRIG said the capital will be used to pay down its revolving acquisition facility and the Scottish wind farm. The wind farm is currently under construction by UK-based Renewable Energy Systems and was made available to TRIG through a “first-offer agreement”.

Earlier this summer, TRIG paid €10.6 million for a 51 percent stake in a 12MW ground-mounted solar plant in the south of France.

In April, the renewables investor submitted a proposal to shareholders for the issuance of 300 million ordinary and C shares . TRIG said it will issue the shares in tranches and, along with future investments, will use the proceeds to pay down a £150 million revolving debt facility with the Royal Bank of Scotland and the National Australia Bank.

TRIG was launched in 2013, when it first offered 300 million ordinary shares on the London Stock Exchange. The capital raised in its initial public offering allowed it to buy 18 onshore wind and solar assets in the UK, France and Ireland.