A Guernsey domiciled fund has raised £300 million on listing on the London Stock Exchange (LSE).
The fund, The Renewables Infrastructure Group Limited (TRIG), listed yesterday on the premium segment of the LSE in what City sources are describing as the largest Initial Public Offering (IPO) of a clean energy company in London.
TRIG is a new Guernsey closed-ended fund which will focus on onshore wind and solar photovoltaic (PV) energy generation assets. InfraRed Capital Partners Limited is the discretionary Investment Manager and Renewable Energy Systems Limited has been appointed as operations manager.
Carey Olsen in Guernsey provided Guernsey legal advice and Dexion Capital (Guernsey) Limited was appointed administrator.
Advising on all aspects of the fund's establishment as a Guernsey structure as well as all relevant regulatory approvals, Carey Olsen's corporate team included Ben Morgan, Partner and Annette Alexander, Senior Associate, who worked with global law firm Norton Rose Fulbright as lead counsel.
The proceeds of the issue, which was oversubscribed, will be used to acquire a 276 megawatt (MW) 100%-owned initial portfolio of 14 onshore wind farms and four solar PV parks located in the UK, France and Ireland. 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.
Advocate Morgan said: "TRIG raised its full initial public offering target of £300 million and is one of the largest investment company launches in recent years."
The transaction follows Carey Olsen's recent involvement in an additional Guernsey domiciled renewables fund, Bluefield Solar Income Fund, which raised £130 million on listing on the premium segment of the LSE on 12 July 2013 and invests in large-scale agricultural and industrial solar assets.
Robin Fuller, director of Dexion said: "The TRIG team are to be congratulated on the success of their launch. For Dexion, TRIG follows on from the successful launch of an unlisted private placement scheme investing in wind energy earlier this year."
Mr Fuller added: "Dexion is a service provider of choice for clean energy investment structures and Guernsey is the favoured domicile."
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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