THE RENEWABLES Infrastructure Group (TRIG) has become the latest clean energy investment company looking to raise money from a flotation in London.
The Guernsey-domiciled fund yesterday announced that it is aiming to raise £300m from an IPO, in order to invest in a portfolio of onshore wind and solar energy generation assets in the UK, France and Ireland.
The firm also plans to buy further renewable assets in the UK and other European countries, including France, Ireland, Germany and Scandinavia.
The IPO is targeting institutional investors and asset managers and shares are expected to begin trading in late July.
The firm plans to offer a dividend of 6p per share rising with inflation.
The move follows the oversubscribed flotation of Greencoat UK Wind in March, a wind power-focused investment farm, which raised £260m. “TRIG will give investors the potential to secure a long term, stable, inflation-linked yield from a diversified and balanced portfolio of high quality operational onshore wind and solar energy generation assets,” said its chairman Helen Mahy.
TRIG is managed by InfraRed Capital Partners, which launched and manages the HICL Infrastructure Company, a £1.5bn infrastructure investment firm.
“We have assembled a diversified portfolio of fully operating seed assets, which have been carefully constructed to provide a steady long-term yield, whilst retaining capital value,” said Richard Crawford of InfraRed.
Renewable Energy Systems – an energy developer and a sister company of construction firm Sir Robert McAlpine – is the operations manager on the new fund. Canaccord Genuity and Jefferies are bookrunners on the IPO.