May 21, 2020 / 1:59 PM / 7 days ago

The Renewables Infrastructure Group raises 120 mln stg through share issue

LONDON, May 21 (Reuters) - London-listed The Renewables Infrastructure Group said on Thursday it has raised 120 million pounds ($146.8 million) through a share issue which will be used to fund growth and acquisitions and repay debt.

The company said it will issue 100 million new ordinary shares, raising gross proceeds of 120 million pounds.

The firm’s revolving credit facility is now expected to be fully repaid with surplus cash of around 70 million pounds by September.

The balance will be deployed for further investments and to fund the company’s commitments to projects worth 35 million pounds during the remainder of 2020 and 2021, it said. ($1 = 0.8173 pounds) (Reporting by Nina Chestney;Editing by Elaine Hardcastle)

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