Renewable infrastructure fund Greencoat UK Wind is seeking to raise up to £198M by issuing shares institutional investors at 131p per share.
The fund invests in operating UK wind farms, with exposure to offshore limited to 40% of Gross Asset Value (currently 30%). It currently has 38 wind farms in its portfolio.
Proceeds from the Placing will be used to repay or reduce borrowings under the Company’s revolving credit facility to allow the Company to fund its strong pipeline of acquisition opportunities, including an acquisition in the near term and £162 million of previously announced committed acquisitions over the next 12 months. The share offer closes on 16 February.