The Renewables Infrastructure Group (TRIG) joins the Main Market
Monday 29th July 2013
The Renewables Infrastructure Group (TRIG), a new investment company focusing on onshore wind and solar photovoltaic energy generation assets, was admitted to listing today, having successfully raised its maximum IPO fundraising target of £300 million. The IPO proceeds are being used to acquire a 100%-owned diversified initial portfolio of fourteen onshore wind farms and four solar PV parks in the UK, France and Ireland with aggregate generation capacity of 276MW. TRIG is targeting a 6% initial dividend yield with inflation-linked growth and an IRR of 8% to 9%.
With InfraRed Capital Partners as discretionary investment manager and Renewable Energy Systems (RES) as operations manager, TRIG has access to expertise in real asset funds, infrastructure and renewables and is overseen by a strong independent board. TRIG plans to grow over time through the acquisition of further UK and Northern European renewables assets to be sourced both from RES' development pipeline and from the broader market.
Helen Mahy, TRIG’s non-executive chairman, said:
"We are delighted to reach the milestone of the admission to listing of TRIG’s shares today. With support from an extensive range of high quality institutions and private investors, we have raised our full IPO target of £300 million, making TRIG one of the largest London IPOs in 2013. This successful fundraising helps further establish the renewables infrastructure sector as an attractive yield-based investment proposition. We look forward to growing TRIG in this dynamic segment of the London-listed market."
TRIG was advised on the listing by Canaccord Genuity and Jefferies International.