Renewables Infrastructure raises £30.3m through share issue

Investment company The Renewables Infrastructure Group announced on Tuesday that it has raised £30.3m through the issue of 30 million new ordinary shares at an issue price of 101p each, following the announcement of a share issuance programme on 27 April.

The FTSE 250 firm said applications were received for 3,161,896 new ordinary shares under the initial offer for subscription, and 26,838,104 new ordinary shares under the initial placing.

Its board said net proceeds from the issue will be put towards paying down amounts drawn under the group’s revolving acquisition facility.

After that, Renewables will have around £136m available to be drawn under the facility, together with a balance of 270 million new ordinary shares available for issuance under the share issue programme, which is in place until 26 April 2017.

“This puts the company in a good position to take advantage of the strong pipeline of attractive investment opportunities currently under consideration by the investment manager and the operations manager,” the company’s board said in a statement.

Renewables Infrastructure confirmed the new ordinary shares will rank pari passu with the company’s existing ordinary shares, and will be entitled to the interim dividend of 1.5625p per share declared on 5 May and payable on 30 June.

The company has made application for the new shares to be admitted to the premium segment of the FCA’s Official List, and to trading on the London Stock Exchange main market, which is expected to take place on 19 May.