The Renewable Infrastructure Group Ltd (TRIG) has announced gross proceeds of £300 million in its initial public offering (IPO) on the London Stock Exchange.

The green fund, which was oversubscribed, will focus on acquiring 14 onshore wind farms and four solar farms across the UK, Ireland and France. The assets would represent a total capacity of 276MW.   

Commenting on the success of the renewable IPO, Helen Mahy, non-executive chairman of TRIG, said: “We are delighted to have successfully raised our full IPO target size of £300 million, making TRIG one of the largest investment company launches in recent years.

“TRIG’s diversified portfolio of high quality operational onshore wind and solar PV generation assets will provide investors with the potential to secure an attractive long-term, stable, inflation-linked yield.

“We look forward to growing TRIG through its access to further UK and Northern European renewables assets to be sourced from both Renewable Energy Systems’ development pipeline and from the wider market.”

The news follows the recent floatation of the UK’s first dedicated solar energy fund by Bluefield LLP, which outperformed all predictions in its initial public offering (IPO) where it raised £130 million – significantly more than the minimum target of £75 million.