TRIG's fundraise grows to £110m

Channels: Corporate, Equity, Investment, Renewables

Companies: TRIG, The Renewables Infrastructure Group, Canaccord Genuity, Jefferies

People: Helen Mahy

The Renewables Infrastructure Group (TRIG) has boosted the amount of capital it has raised in 2015 to £110 million ($165 million) thanks to a "heavily oversubscribed" retail offering.

TRIG, which is one of six UK-listed renewables investment vehicles, said it has sold a total of 107.5 million shares were sold at a price of 102.25 pence per share.

It today said it raised £7.7 million through selling shares to retail investors, with supply outstripping demand. This follows last month's sale of 100 million shares, which was increased by 32.5 million.

"The board is delighted with the response to our fund-raising campaign which has seen demand far outstripping the company's targets," said chairman Helen Mahy.

Canaccord Genuity and Jefferies acted as joint sponsors and joint bookrunners. Norton Rose Fulbright was legal adviser.

TRIG last year announced a programme to sell 250 million new shares by the end of November to help buy new assets.

TRIG's current portfolio comprises 30 onshore wind and solar PV assets in UK, France and Ireland with a generating capacity of 446MW. This makes it the largest of the renewables investment vehicles listed on the London market.

Proceeds from the equity raising are to be used to repay the company's £120 million revolving acquisition facility, which was approximately £69 million drawn, and will be used to buy further renewables assets.

Several of the UK's listed 'yieldcos' have tapped the equity market in recent months. 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 last month.

NextEnergy Solar Fund raised an additional £61.4 million ($94.3 million) by issuing 59.75 million new shares at a price of 102.77p. And Bluefield raised £160 million in November.

Read a guide of the UK yieldcos here.

Peter Cripps