By Lisa Kerner
Charlotte, N.C., Nov. 13 – Renewables Infrastructure Group Ltd. announced it will issue 78 million of new ordinary shares at 100p per share for proceeds of £78 million.
Proceeds will be used to pay down the company’s acquisition facility, according to a news release.
The new ordinary shares will, when issued, rank pari passu with the company's existing ordinary shares, including having the right to receive the interim dividend for the six months Dec. 31.
Admission and settlement of the issue is expected to take place on Nov. 17.
Canaccord Genuity and Jefferies acted as joint sponsors and joint bookrunners.
As previously reported, the company planned to issue up to 250 million shares within 12 months of the launch of its share issuance program on Dec. 1, 2014.
Renewables Infrastructure will issue 16,011,486 new ordinary shares as the final tranche of the share issuance program, as well as an additional 61,988,514 new ordinary shares under its tap authority.
“We are delighted with the results of this latest issue, which brings the total new equity raised in 2015 to £316 million, demonstrating strong, continued appeal of the asset class,” said Helen Mahy, non-executive chairman of the company.
Renewables Infrastructure is a London-based investment company with a focus on onshore wind farms and solar PV parks.
| Issuer: | Renewables Infrastructure Group Ltd.
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| Issue: | New ordinary shares
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| Amount: | £78 million
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| Shares: | 78 million
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| Price: | 100p
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| Announced: | Nov. 13
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| Settlement: | Nov. 17
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| Bookrunners: | Canaccord Genuity, Jefferies
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