Liberum acts as Joint Bookrunner on TRIG’s £277m fundraise
We are pleased to announce that Liberum acted as Joint Bookrunner on a tap issue to raise £277.3m for The Renewables Infrastructure Group (“TRIG”) through the issue of 210m shares, being the maximum permitted under TRIG’s tap authority, at 132p per share. Investec acted as Joint Bookrunner alongside Liberum.
TRIG is a FTSE 250 listed renewable energy infrastructure investment company with a market cap of c.£3.3bn. 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 energy storage infrastructure projects, with an aggregate net generating capacity in excess of 2.2GW.
The net proceeds of the issue will be applied towards funding the acquisition of a 7.8% equity interest in Hornsea One, the world's largest operational offshore wind farm, and repaying amounts drawn under the company’s revolving credit facility. There was strong institutional and retail demand for the issue, at a range of prices, and applications were scaled back at the strike price of 132p.
Liberum was appointed as Joint Corporate Broker to TRIG in December 2015 and has helped raise £2.0bn since appointment.
Investment Banking - Chris Clarke, Darren Vickers, Owen Matthews, Nikhil Varghese, Ant Schia
Sales - Andrew Davies, James Shields, Tom Biltcliffe, Matt Randall, Oliver Baxendale, Alistair Smallwood, Will Game, Guy Froud
Research - Conor Finn, Shonil Chande
Legal – Alice Foster
Corporate & Investor Relations – Georgina Wood
Settlements – Rob Simpson, Mark Proctor