Triodos Renewables Plc has launched a £15m (€16.7m) public share issue, with the proceeds to be invested directly into building new wind power assets.
It will place 8.3m shares at £1.80 with a £540 minimum investment; the offer is open to both new investors and existing shareholders and the shares will be tradable on the Matched Bargain Market managed by private client investment manager Brewin Dolphin. Subscription opens today (July 8) and closes on August 30. The last issue was in 2008.
“The offer represents an investment opportunity in tangible, high value projects with long term revenue streams – an investment in the nuts and bolts of renewable energy generation,” Triodos said.
Triodos Renewables was originally established as The Wind Fund plc in 1995 in response to the Chernobyl disaster.It is managed in the UK by ethical bank Triodos Bank – which has more than €5.6bn under management and investments in over 300 renewable energy projects across Europe. Triodos Renewables currently owns and operates seven sites around the UK with a combined capacity of 36.8 MW. It is targeting 100 MW of operating capacity by 2015.
“The funds raised will be put to work very quickly building new projects and we are therefore targeting 9-10% annualised rate of return on investment to our shareholders over the long term,” said James Vaccaro, Managing Director of Triodos Renewables. The offer gives investors “a chance to make a real difference and expect a good return”.
Last month the company named Peter Weston, Global Head of Finance and Investment for Siemens Wind, as a non-executive director. Link