The fundraise will involve issuing new ordinary shares by way of a non-pre-emptive tap issuance.
The Renewables Infrastructure Group (TRIG) has begun the bookbuilding process ahead of a fundraising round to finance what it described as “new attractive opportunities across TRIG’s core markets”.
The fundraise will involve issuing new ordinary shares by way of a non-pre-emptive tap issuance.
Investec and Liberum, which are acting has join bookrunners, have started the bookbuilding process to determine the level of demand from potential investors.
The new shares are not being offered at a fixed price. To bid in the bookbuild, investors must communicate their bid either by telephone or to their usual sales contact at Investec or Liberum. Each bid should state the number of shares the prospective investor wishes to subscribe to, and the price or price range they are offering to pay.
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The number of shares and their price will be agreed between TRIG and its two bookrunners on 24 March and announced shortly thereafter.
TRIG said the strike price will not be less than 130p.
The fundraise follows TRIG's acquisition of Hornsea One offshore wind farm. The company is also currently in exclusive negotiations to invest in an Iberian solar project.
TRIG chairman Helen Mahy said: "We are only too conscious that these are extremely difficult times, and our hearts go out to those so tragically affected by the fighting within Europe.
"We believe that, against this uncertain geopolitical backdrop, it remains important to continue to finance renewables projects and play our part not only in the decarbonisation of the energy sector, but also contributing to security of power supply for the UK and the EU. In these challenging times, we are grateful for the continuing support of our shareholders."
The company has also announced a conditional offer through PrimaryBid, which will be open to individual retail investors, the new shares will be issued at the price determined by the bookbuild but subject to a strike price not less than 130p per share.
