TRIG raises £128m from placing

The fresh capital will help the London-listed renewable infrastructure investor to pay for six recently acquired onshore wind farms.

The Renewables Infrastructure Group (TRIG), the London-listed fund manager advised by InfraRed Capital Partners, has raised £127.75 million (€182.92 million; $198.77 million) in gross proceeds from a share placing.

The money will be used to help reduce the amount drawn under the firm’s acquisition facility, which was used to partially fund a recent £246 million investment in a portfolio of six operational onshore wind projects in Scotland developed by Fred Olsen Renewables.

Canaccord Genuity and Jefferies acted as joint sponsors and joint bookrunners of the placing.

“We are particularly grateful for the strong support shown by our shareholders and new investors,” said Helen Mahy, non-executive chairman of TRIG, in a statement. “The market dynamics for the asset class remain strong, and our portfolio – with a net generating capacity of 658MW – provides strong asset diversification.”

TRIG said it intended to raise new equity following the Fred Olsen portfolio acquisition, which brought with it an additional 433MW of combined capacity. The deal was funded with a mixture of equity and debt from Royal Bank of Scotland and National Australia Bank.

TRIG had previously raised £102.25 million in equity in late March.