Greencoat UK Wind PLC (LON:UKW) has exercised an option to increase its stake in Clyde Wind Farms to 28.2%.
The wind power specialist will pay £114.2mln to be funded by a placing at 117p to raise up to £118.8mln.
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Shares in Greencoat closed at 121.8p on Friday, meaning the issue price is a modest 2.6% discount.
Clyde is a group of four wind farms in South Lanarkshire, Scotland with a current capacity of about 520Mw. Greencoat has a 19.8% stake currently.
The share placing is expected to be accretive to the net asset value per share after costs said the statement. RBC Capital will lead the bookbuild exercise to institutional investors.
GLIL Infrastructure will also be exercising its option to increase its shareholding in Clyde to 21.7%, said Greencoat.