27 March 2015
The Renewables Infrastructure Group (TRIG) has increased the number of shares it expects to sell today to 100 million as a result of strong demand from institutional investors.
The UK-listed investment trust, which invests in solar photovoltaic and onshore wind assets in the UK and Europe, earlier this month said it wanted to sell up to 67.5 million shares as part of its latest capital raise.
But today it said it would put a further 32.5 million shares on the market, with the placing expected to close this morning.
At a price of 102.25 pence per share, this would raise gross proceeds of £102.25 million ($152 million).
The fund said it would use the proceeds to pay off its acquisition facility, which is currently £69 million drawn, and to finance further acquisitions.
Today's capital raise is the first move under a programme to sell 250 million new shares by the end of November to help buy new assets. TRIG is expected to sell up to 7.5 million additional shares to retail investors next month, after the start of the new tax year.
TRIG plans to pay a dividend of 3.08p per ordinary share for the six months ending 30 June 2015.
Several of the UK's listed 'yieldcos' have tapped the equity market in recent weeks. The three UK-listed solar funds have all recently tapped the market as they raise capital following a spate of acquisitions ahead of a looming change to subsidies in the UK.
Foresight Solar raised £36.1m through a share issue earlier this month.
Read a guide of the UK yieldcos here.