The Renewables Infrastructure Group (TRIG) has announced the issue of new ordinary shares to repay amounts drawn under it Revolving Credit Facility (RCF) and meet near-term funding requirements.

Its board is proposing a non-pre-emptive issue at a price of 124p. This issue price represents a 3.6% discount to the mid-market closing share price of 128.6p on 27 August 2021, the company said.

Currently, the RCF sits at approximately £141 million following investment made earlier in 2021. TRIG secured a £500 million ESG-linked SONIA credit facility in December 2020, to support new investments.

Funds raised through the share issue will also be used to advance investment opportunities, with a number currently under consideration. This includes a portfolio of solar PV assets on the Iberian Penisula.

In the Group’s financial results in 2020, it highlighted an increasing focus on UK battery storage to enhance the diversification of its portfolio. It currently has over 75 wind, solar and battery storage projects across the UK, Ireland, France, Germany and Sweden, which have an aggregate net generating capacity of over 1.9GW.

In May 2020, the company raised £120 million to go towards the RCF, issuing 100 million new ordinary shares. 

The new share issue follows a Share Issuance Programme brought in by TRIG in March 2021, enabling it to issue up to 600 million new ordinary share over a 12 month period. To date, 195 million of these shares have been issued.

Orders under this new placing can be submitted till Tuesday 14 September, following which the results will be issued on Wednesday 15 September.