Source - LSE Regulatory
RNS Number : 7815L
Renewables Infrastructure Grp (The)
15 September 2021
 

Of

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

 

 

This announcement has been determined to contain inside information for the purposes of the UK version of the market abuse regulation (EU) No.596/2014.

               

 

 

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 £200m 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 £200m 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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