The Renewables Infrastructure Group Limited has agreed to acquire a 100% interest in a 22.5MW onshore wind project in Scotland from TRIG's operations manager, Renewable Energy Systems.
The project, which is in an advanced stage of construction and is expected to be commissioned in the first quarter of 2017, is being made available to TRIG under its first offer agreement with RES. The proposed transaction would increase the aggregate net generating capacity of TRIG's portfolio to 708MW.
The company also said it proposes to raise £25 million through a placing under the share issuance programme, launched in May 2016.
Given that the company has entered into an exclusivity agreement with RES in respect of the proposed transaction, as a result of which it is anticipated that the company will shortly have additional funding requirements, and having regard to the pipeline of attractive investment opportunities which the investment manager is currently evaluating for the company, the directors reserve the right to increase the size of the placing in the event of material excess demand for the new ordinary shares.
At 9:14am: (LON:TRIG) The Renewables Infrastructure Group Ltd share price was -1.2p at 103.8p