Bristol-based Triodos Renewables – already the most widely-owned renewable energy company in the UK – is raising a further £15m to invest in more green energy projects.
The money will be raised through a placing of up to 8,333,400 shares at £1.80 per ordinary share, with a minimum investment of £540. The offer is open to the company's existing 4,000 shareholders as well as to new investors and the shares will be tradable on the Matched Bargain Market managed by Brewin Dolphin.
Triodos Renewables – which is managed by Triodos Bank – was set up 15 years ago to attract investors who want their money “to make a practical difference in the fight against climate change and who recognise the long-term business potential of renewable energy”.
Projects financed so far include the HaveriggII Wind Farm in Cumbria, a re-powering wind farm project at Caton Moor in Lancashire, a single wind turbine in the Orkney Islands, and the Beochlich Hydro Electric project in Argyll in Scotland.
Over the past three years Triodos Renewables has increased its power generation capacity by 57% and now owns and operates seven sites around the UK with a combined capacity of 36.8 MW, enough power for 24,500 homes.
The company has now targeted 100 MW of operating renewable energy capacity by 2015 and says it has access to an immediate pipeline of 19.1 MW of onshore wind power capacity with 2.4 MW in procurement or under construction and a further 16.7 MW of capacity under exclusivity and ready to build. The first project to come on line will be a 1.5 MW wind farm in Dunfermline, Scotland, which is expected to begin producing clean, renewable power at an industrial site before the end of 2011.
Managing director James Vaccaro said: “The funds raised will be put to work very quickly building new projects and we are therefore targeting 9% to 10% annualised rate of return on investment to our shareholders over the long term. Our share offer allows investors mindful of the convergence of climate change, energy security issues and the need to transition to a safe and sustainable energy future, a chance to make a real difference and expect a good return.”
