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Wednesday 24 July, 2013

Renewables Infrastr.

Result of Issue

RNS Number : 0433K
Renewables Infrastructure Grp (The)
24 July 2013

24 July 2013


This announcement is an advertisement and not a prospectus. Investors should not purchase or subscribe for any transferable securities referred to in this announcement except on the basis of information contained in the prospectus dated 5 July 2013 published by The Renewables Infrastructure Group Limited in connection with the initial public offering and the admission of its ordinary shares (the "Ordinary Shares") to the premium segment of the Official List of the Financial Conduct Authority (the "Official List") and to trading on London Stock Exchange plc's main market ("Main Market") for listed securities (the "London Stock Exchange"). This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States or in any other jurisdiction. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.


24 July 2013 The Renewables Infrastructure Group Limited ("TRIG" or the "Company"), a newly incorporated Guernsey investment company focusing on onshore wind and solar photovoltaic ("PV") energy generation assets, today announces that it has raised gross proceeds of £300 million in its initial public offering ("IPO") of shares on the Main Market of the London Stock Exchange.

The proceeds of the Issue, which was oversubscribed, will be used to acquire a 276 MW (output capacity) 100%-owned initial portfolio of fourteen onshore wind farms and four solar PV parks located in the UK, France and Ireland (the "Initial Portfolio"). TRIG also has an option to acquire an additional onshore 16.1 MW wind farm located in France on completion of grid connection and testing, which is forecast to occur this autumn.

The TRIG group will be managed on a day-to-day basis by InfraRed Capital Partners Limited ("InfraRed") as discretionary investment manager.  Renewable Energy Systems Limited ("RES") has been appointed as operations manager.

As the Issue was oversubscribed, the subscription by RES has been scaled back in full to its minimum commitment of 15 million Ordinary Shares, representing 5.0 per cent of the issued share capital of the Company immediately following Admission.

Commenting on today's announcement, Helen Mahy, non-executive chairman of the Company, said:

"We are delighted to have successfully raised our full IPO target size of £300 million, making TRIG one of the largest investment company launches in recent years. TRIG's diversified portfolio of high quality operational onshore wind and solar PV generation assets will provide investors with the potential to secure an attractive long term, stable, inflation-linked yield.

We look forward to growing TRIG through its access to further UK and Northern European renewables assets to be sourced from both RES' development pipeline and from the wider market"

Application has been made to the UK Listing Authority for 300 million Ordinary Shares to be admitted to the premium segment of the Official List and to the London Stock Exchange for such Ordinary Shares to be admitted to trading on the London Stock Exchange's Main Market for listed securities. The Company expects that the Ordinary Shares will be admitted to the Official List and dealings to commence on the London Stock Exchange at 8.00 a.m. on Monday 29 July 2013. The Company's ticker symbol will be TRIG.

Canaccord Genuity Limited ("Canaccord Genuity") and Jefferies International Limited ("Jefferies") acted as joint sponsors and joint bookrunners.


Canaccord Genuity Limited                                             020 7523 8000

Andrew Zychowski

Lucy Lewis

Robbie Robertson

Alastair Rogers


Jefferies International Limited                                       020 7029 8000 


Gary Gould

Stuart Klein

Mark James

Tom Harris


Tulchan Communications                                                020 7353 4200


Ed Orlebar

Peter Hewer

Rebecca Scott



This document is not for release, publication or distribution (directly or indirectly) in or into the United States, Canada, Australia, Japan, the Republic of South Africa or to any "US person" as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act") or into any other jurisdiction where applicable laws prohibit its release, distribution or publication.  It does not constitute an offer of securities for sale anywhere in the world, including in or into the United States, Canada, Australia, Japan or the Republic of South Africa. No recipient may distribute, or make available, this document (directly or indirectly) to any other person. Recipients of this document in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements in their jurisdictions. In particular, the distribution of this document may in certain jurisdictions be restricted by law.

The Ordinary Shares have not been and will not be registered under the Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States and, subject to certain exceptions, may not be offered or sold within the United States or to, or for the account or benefit of, US Persons. The Company will not be registered as an "investment company" under the Investment Company Act of 1940, and investors will not be entitled to the benefits of that act.  In addition, relevant clearances have not been, and will not be, obtained from the securities commission (or equivalent) of any province of Australia, Canada, Japan or the Republic of South Africa and, accordingly, unless an exemption under any relevant legislation or regulations is applicable, none of the Ordinary Shares may be offered, sold, renounced, transferred or delivered, directly or indirectly, in Australia, Canada, Japan or the Republic of South Africa.

The contents of this announcement has been prepared by and is the sole responsibility of the Company. Each of Canaccord Genuity Limited ("Canaccord Genuity") and Jefferies International Limited ("Jefferies") is authorised and regulated by the UK Financial Conduct Authority. Neither Canaccord Genuity nor Jefferies is acting as adviser to any recipient of this document nor will be responsible to any recipient of the document for providing the protections afforded to clients of any of them or for providing advice in connection with this document or any of the matters referred to herein. Neither Canaccord Genuity nor Jefferies has verified or authorised the contents of, or any part of, this document.

This document does not contain sufficient information to support an investment decision and investors should ensure that they obtain all available relevant information before making any investment.  This document does not constitute and may not be construed as an offer to sell, or an invitation to purchase, investments of any description, nor as a recommendation regarding the possible offering or the provision of investment advice by any party. No information in this document should be construed as providing financial, investment or other professional advice and each prospective investor should consult its own legal, business, tax and other advisers in evaluating the investment opportunity.

None of the Company, InfraRed, RES, Canaccord Genuity or Jefferies nor any of their respective officers, partners, employees, agents, advisers or affiliates makes any express or implied representation, warranty or undertaking with respect to the information or opinions contained in this document and none of them accept any responsibility or liability (for negligence or otherwise) as to this document's accuracy or completeness or as to the suitability of any particular investment for any particular investor or for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith. In addition, no duty of care or otherwise is owed for any loss, cost or damage suffered or incurred as a result of the reliance on such information or opinions or otherwise arising in connection with this document. In all cases, each recipient should conduct its own investigations and analysis of the Company, InfraRed and RES and such recipient will be solely responsible for forming its own views as to the potential future performance of the Company.


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