TIDMTRIG
RNS Number : 9436F
Renewables Infrastructure Grp (The)
24 March 2022
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.
This announcement has been determined to contain inside
information for the purposes of the market abuse regulation (EU)
No.596/2014.
Investec Bank plc (Investec Bank) is authorised in the United
Kingdom by the Prudential Regulation Authority and regulated by the
Financial Conduct Authority and the Prudential Regulation
Authority. Investec Europe Limited (trading as Investec Europe,
Investec Europe and together with Investec Bank, Investec) is
regulated in Ireland by the Central Bank of Ireland. Liberum
Capital Limited (Liberum and together with Investec, the Joint
Bookrunners) is authorised and regulated in the United Kingdom by
the Financial Conduct Authority. Investec and Liberum are acting
exclusively for the Company in connection with the matters
described in this announcement and are not acting for or advising
any other person, or treating any other person as their respective
client, in relation thereto and will not be responsible for
providing the regulatory protections afforded to their respective
clients or advice to any other person in relation to the matters
contained herein. This does not exclude any responsibilities or
liabilities of any of the Joint Bookrunners under the Financial
Services and Markets Act 2000 (FSMA) or the regulatory regime
established thereunder.
24 March 2022
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)
Result of the Issue and PrimaryBid Offer
-- GBP277.3 million raised through the issue of 210,104,535 New
Ordinary Shares, being the maximum permitted under the Company's
tap authority
-- Strike price of 132p per Share
-- Proceeds to be used for the completion of the acquisition of
Hornsea One and repaying drawings under the RCF
Further to its announcement of 17 March 2022, the Board of TRIG
is pleased to announce that the Company has raised gross proceeds
of approximately GBP277.3 million through the issue (by way of
placing) of 210,104,535 new ordinary shares in the capital of the
Company (the "New Ordinary Shares"), being the maximum available
under the Company's general authority to disapply pre-emption
rights taken at the last AGM, at a price of 132p (the "Strike
Price") per New Ordinary Share (the "Issue"). There was strong
institutional and retail demand for the Issue, at a range of
prices, and applications have been scaled back at the Strike
Price.
The Company will issue 206,156,691 New Ordinary Shares pursuant
to the Issue and 3,947,844 New Ordinary Share pursuant to the
PrimaryBid Offer.
The net proceeds of the Issue will be applied towards funding
the acquisition of a 7.8% equity interest in the Hornsea One
offshore wind farm in the UK ("Hornsea One"), completion of which
is expected in the coming weeks and repaying amounts drawn under
the Company's revolving credit facility ("RCF").
Sun Life Assurance Company of Canada ("Sun Life") has subscribed
for 11,419,592 New Ordinary Shares (the "Sun Life Subscription").
Sun Life is a member of the same group as InfraRed Capital
Partners, the Company's Investment Manager, and is therefore a
related party for the purposes of Chapter 11 of the FCA's Listing
Rules. The Sun Life Subscription will be a 'smaller related party
transaction' pursuant to LR11.1.10.
Investec and Liberum acted as Joint Bookrunners in relation to
the Issue.
Helen Mahy CBE, Chairman of TRIG, said:
"We are grateful for the significant support from our
shareholders to finance the growth of renewables. The acquisition
of a stake in Hornsea One, the world's largest operating offshore
windfarm, furthers TRIG's contribution to the energy security and
decarbonisation agendas. The headroom created by this fundraising
enables InfraRed to continue to pursue attractive opportunities on
behalf of the Company."
Application for Admission
Applications will be made to the Financial Conduct Authority for
admission of the New Ordinary Shares to the premium segment of the
Official List and to London Stock Exchange plc for admission to
trading of the New Ordinary Shares on its main market for listed
securities (the "Main Market"), (together, "Admission"). It is
expected that Admission will become effective, and that dealings in
the New Ordinary Shares on the Main Market will commence, on 28
March 2022.
Total Voting Rights
Immediately following Admission, the Company's issued share
capital will consist of 2,477,350,950 Ordinary Shares with voting
rights. This figure may be used by shareholders to determine 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 and
Transparency Rules.
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
Lucy Lewis
Denis Flanagan
Tom Skinner
Will Barnett (Sales)
Neil Brierley (Sales)
Alice Douglas (Sales)
Jack Kershaw (Sales)
Dominic Waters (Sales)
Liberum Capital Limited +44 (0) 20 3100 2000
Chris Clarke
Darren Vickers
Owen Matthews
Tom Biltcliffe (Sales)
Andrew Davies (Sales)
James Shields (Sales)
Maitland/AMO +44 (0) 20 7379 5151
Rhys Jones
Charles Withey
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 wind, solar and battery
storage projects spread across the UK, Ireland, France, Germany,
Spain and Sweden 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. It
operates worldwide from offices in London, New York, Seoul and
Sydney. With 165 professionals it manages in excess of USD 10
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 40 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 22GW in capacity. RES
supports over 9GW 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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