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TRIG issues new shares to raise funds for Hornsea One acquisition

By: Tom Russell 25/03/2022 TRIG

General Windfarms

The Board of TRIG announced that the Company has raised gross proceeds of approximately £277.3 million through the issue of 210,104,535 new ordinary shares at a price of 132p per new ordinary share. Investec and Liberum acted as Joint Bookrunners in relation to the Issue.

The net proceeds of the Issue will be applied towards funding the acquisition of a 7.8% equity interest in the Hornsea One offshore wind farm in the UK , completion of which is expected in the coming weeks and repaying amounts drawn under the Company's revolving credit facility.

Helen Mahy CBE, Chairman of TRIG, said: "We are grateful for the significant support from our shareholders to finance the growth of renewables. The acquisition of a stake in Hornsea One, the world's largest operating offshore windfarm, furthers TRIG's contribution to the energy security and decarbonisation agendas. The headroom created by this fundraising enables InfraRed to continue to pursue attractive opportunities on behalf of the Company."

Developed by Ørsted, Hornsea One is the world’s largest offshore wind farm to date. It is located in the North Sea off the east coast of England. The site consists of 174 Siemens Gamesa Renewable Energy. SWT-7.0-154 turbines, spanning across an area of 407km², all of which have been installed. The site was fully commissioned at the end of 2019 and is anticipated to power over one million homes in the UK. The project also benefits from an inflation-linked Contract for Difference (CfD) subsidy, with 13 years remaining.

TRIG's acquisition was announced earlier this month and sees it join co-shareholders Global Infrastructure Partners (GIP) and Ørsted in ownership of the project. It was followed by separate announcement from Equitix that it also purchased interest in the project.

Equitix and TRIG have previously partnered at the Sheringham Shoal and Beatrice offshore wind projects. It also joins other co-shareholders Global Infrastructure Partners (GIP) and Ørsted in ownership of the Hornsea One project.

For more information on offshore wind farms worldwide, click here. Alternatively, you can view projects across the globe using 4C Offshore's Interactive Map.

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TRIG issues new shares to raise funds for Hornsea One acquisition

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