Wind farm fund looks to raise £315m

The new climate change target is admirable but it may turn out to be a rod for the Scottish Governments own back. Picture: John Devlin

The new climate change target is admirable but it may turn out to be a rod for the Scottish Governments own back. Picture: John Devlin

12
Have your say

Greencoat UK Wind, the renewable infrastructure fund, is looking to raise more than £300 million through a share issue.

Proceeds will be used in a number of ways, including to target a “strong pipeline of potential investment opportunities” and to reduce borrowings.

Greencoat is planning up to 300 million new shares over the next 12 months at an initial price of 105p with the prospectus due be published early next week.

Chairman Tim Ingram said: “We believe that the future opportunities for Greencoat UK Wind are very exciting.

“There is a significant asset pool with a healthy number of motivated sellers and we are very well placed to take advantage of this.

“This programme of capital raises will enable the company both to pay down debt, and to take advantage of value-accretive growth opportunities whilst maintaining its very selective acquisition approach.”

Greencoat has invested in 18 operating wind farms in Britain with a combined net generating capacity of about 400 megawatts.

Following the acquisition of Stroupster Wind Farm last December and a 28.2 per cent interest in Clyde Wind Farm last month for a combined £280m, the fund has outstanding borrowings of £225m under its revolving facility agreement and £100m under its long-term facility agreement.

Back to the top of the page