Issue of Equity

RNS Number : 6431T

Renewables Infrastructure Grp (The)

21 November 2013

 



 21 November 2013

The Renewables Infrastructure Group Limited

Issue of Ordinary Shares and Update on Acquisition Activity

The Board of The Renewables Infrastructure Group Limited ("TRIG" or the "Company" and together with the holding company subsidiaries, the "Group") is pleased to announce that the Company has raised £10.1 million before costs through the issue for cash, subject to listing, of 10 million ordinary shares of no par value (the "New Shares") in the Company (the "Tap Issue"). The issue price per New Share was 101 pence.

Application has been made for the New Shares to be admitted to the premium segment of the Official List and to trading on the Main Market of the London Stock Exchange. It is expected that dealings in the New Shares will commence at 8.00 a.m. on 26 November 2013.

The Tap Issue has been undertaken in anticipation of the completion of acquisitions of 100% interests in ground-mounted solar parks in the UK for an aggregate consideration of approximately £21 million. The proceeds of the Tap Issue, together with the Group's existing cash resources, will be used to fund these acquisitions.

The assets to be acquired benefit from a variety of subsidised revenue sources including feed-in tariffs, levy exemption certificates and renewable obligation certificates, relating to the regulatory terms prevailing on accreditation of each of the installations.

Acquisitions of further solar parks are in line with the Company's Investment Policy of having a portfolio diversified between onshore wind and solar PV assets.  Further details of these acquisitions will be announced once transactions complete.

In addition, the Company's Investment Manager, InfraRed Capital Partners, is evaluating an extensive pipeline of potential acquisitions for TRIG both in solar PV (predominantly in the UK) and in onshore wind (predominantly in the UK and France and including La Salesse as referred to in the IPO Prospectus). This activity encompasses discussions with Renewable Energy Systems Limited in relation to opportunities under the First Offer Agreement referred to in the IPO Prospectus as well as with a range of utilities, developers and other counterparties.  The Group expects to make further suitable acquisitions in the coming months.

The Company's financial year end is 31 December 2013. The results for the period from admission on 29 July 2013 to 31 December 2013 will be announced in February 2014.

Ends

Enquiries

InfraRed Capital Partners Limited                              [phone]

Richard Crawford

Matt Dimond

Tulchan Communications                                           [phone]

Martha Walsh

Canaccord Genuity Limited                                         [phone]

Andrew Zychowski

Lucy Lewis

Jefferies International Limited                                    [phone]

Gary Gould

Stuart Klein

The Renewables Infrastructure Group Limited

The Company has a strategy to invest in predominantly operational renewable energy infrastructure projects and is seeking to provide investors with long-term, inflation-linked, stable dividends, whilst preserving the capital value of its investment portfolio through investment, principally in a range of operational assets which generate electricity from renewable sources, with a particular focus on onshore wind farms and solar PV parks.

It currently owns a portfolio of 18 distinct wholly-owned assets in the UK, France and the Republic of Ireland. 14 of the assets are operating onshore wind projects (representing generating capacity of approximately 256 MWs) and four of the assets are operating solar PV projects (representing generating capacity of approximately 20 MWs), with a weighted average operational history of approximately five years. 

The Group is seeking further suitable investment opportunities which fit its stated Investment Policy.

Further details of the Company can be found on its website www.trig-ltd.com.

Investment Manager

The Investment Manager of the Group is InfraRed Capital Partners Limited ("InfraRed").

InfraRed is an independent investment business, managing a range of infrastructure and real estate funds and investments. The InfraRed group has a strong record of delivering attractive returns for its investors, with total equity under management of more than US$ 6 billion.   

InfraRed currently has staff of around 100 employees and partners, based mainly in offices in London and with smaller offices in Paris, Sydney, Hong Kong and New York.

Since 1998, the InfraRed Group (including predecessor organisations) has raised thirteen private institutional investment funds investing in infrastructure and real estate, in addition to TRIG and HICL Infrastructure Company Limited, a leading  infrastructure fund launched in 2006 and also listed on the London Stock Exchange.

The infrastructure investment team within the InfraRed Group currently consists of over 45 investment professionals, all of whom have an infrastructure investment background and a broad range of relevant skills, including private equity, structured finance, construction, renewable energy and facilities management.

The InfraRed Group has a long and successful proven track record in sourcing, structuring, acquiring, managing and financing infrastructure equity investments. It has been responsible for over 150 infrastructure equity investments for the InfraRed Group (including predecessor organisations) and its funds to date.

InfraRed Capital Partners Limited is authorised and regulated by the Financial Conduct Authority.

Operations Manager

The Operations Manager of the Group is Renewable Energy Systems Limited ("RES").

RES is one of the world's leading renewable energy developers, with extensive experience in developing, financing, constructing and operating renewable energy infrastructure projects globally across a wide range of low carbon technologies including wind, solar and biomass.

RES has been at the forefront of wind energy development for over 30 years.  Since incorporation, RES has developed and/or constructed more than 120 individual wind farms and PV parks around the world with a combined capacity of over 7,500 MW. 

In recognition of extraordinary business success in growing revenues from international markets, RES was awarded its second Queen's Award for Enterprise in 2013, this time for International Trade. Today, projects developed and/or built by RES are contributing to meeting the needs of a rapidly-evolving energy market and, in doing so, are actively contributing to a more sustainable world.

RES' global headcount totals over 1,000 staff based in thirteen countries across five continents.

 

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