Global legal practice Norton Rose Fulbright has advised The Renewable Energy Infrastructure Group (“TRIG“), a closed-ended investment fund, in relation to its £300 million IPO, listing on the London Stock Exchange.

The TRIG group will be managed on a day-to-day basis by InfraRed Capital Partners Limited (“InfraRed”) as discretionary investment manager. Renewable Energy Systems Limited (“RES”) has been appointed as operations manager.

The oversubscribed IPO raised £300 million, which is being used to acquire a 276 MW portfolio of 18 operational wind and solar parks in the U.K., France and the Republic of Ireland, from RES and InfraRed.

Ian Fox, corporate partner at Norton Rose Fulbright led the team on the transaction, he comments:

“This transaction, following the recent Greencoat and Bluefield Solar IPOs, is indicative of London becoming an increasingly attractive market for funds investing in the renewable energy sector and the investor appetite for products which offer attractive yields. We expect this trend to continue in the coming months."

Simon Currie, Global head of energy at Norton Rose Fulbright comments:

“Renewable energy is an established asset class for many global investors. London is now joining Toronto as one of the global hubs for listed renewable investments. As utilities across Europe continue to refocus we expect that M&A and IPO activity in the renewable energy sector will continue to be strong for the next 12 months.”

The Norton Rose Fulbright team was led by Simon Currie and Ian Fox, with associates Margaret Simcock, Angela Croker, Keith Law, Sarah Jones, Laura Dillon, Dan Newcombe, Conrad Purcell, Ellie Cochrane and Tom Hobart. Andrew Hedges and Wasim Khan advised on the operational and property aspects respectively, with associates Leah Willman and Simon Bailey. Our Paris office was led by Arnaud Belisaire, with associates Simon Cudennec, Eran Chvika and Estine Perrodo.

This is the latest in a string of infrastructure renewable fund IPOs in London, including Greencoat UK Wind and Bluefield Solar Income Fund, on which Norton Rose Fulbright has advised.

TRIG was provided with Guernsey law advice by Carey Olsen, Irish law advice by Matheson, Northern Irish law advice by Cleaver Fulton Rankin and Scottish law advice by Shepherd & Wedderburn.

Canaccord Genuity and Jefferies International acted as joint sponsors and book-runners in relation to the IPO, advised by Philip Brown and Erik Jamieson of Hogan Lovells International.