TRIG proposes share offer after wind purchase

TRIG, backed by InfraRed Capital Partners, has issued up to £25m of ordinary shares to help pay for a Scottish wind acquisition.

The Renewable Infrastructure Group (TRIG), backed by InfraRed Capital Partners, has agreed to purchase a 22.5MW onshore wind project in Scotland.

To help pay for the acquisition, and to pay down a debt facility, TRIG also announced it will propose a £25 million ($32.93 million; €29.32 million) share offer.

The wind farm, currently under construction by UK-based Renewable Energy Systems, was made available to TRIG through a “first-offer agreement” with RES. The project was not named but is expected to begin operations in early 2017.

TRIG’s board said in a statement the share offer is being issued to help pay down its existing acquisition facility. Ordinary shares are not being offered at a fixed price, and its directors maintain the right to increase the size of the share offering.

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.