REG - Renew Infra Grp Ld - Result of the Issue and PrimaryBid Offer

Renewables InfrastructureAnnouncement

24/03/2022 14:30

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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

·    £277.3 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 £277.3
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
(http://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
(http://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 (http://www.res-group.com/) .

 

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