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Greencoat UK Wind raises funds for acquisition opportunities

Shares in the wind power specialist are trading near to an all-time high

Wind farm
Tom Nan Clach in Scotland is one of the the latest additions

Greencoat UK Wind PLC (LON:UKW) is seeking a substantial injection of funds to grow further its burgeoning portfolio of UK-based renewable energy projects.

Through the facility, up to 500mln of new shares can be issued in tranches over the next 12 months.

The initial issue will be priced at 133p, a 6% discount to yesterday’s 142p close.

Greencoat said it needs more cash to take advantage of the pipeline of opportunities it is seeing as investments in the Stronelairg and Dunmaglass wind farms had pushed debt up to £794mln or 34% of gross asset value.

Shares in the windpower specialist are trading near to an all-time high as institutional demand for high-yielding renewable investments has soared.

Tim Ingram, chairman, said the equity issue would enable it to pay down debt and continue to capitalise on the strong pipeline of acquisition opportunities in the UK wind farm secondary market.

“Given the size and scale the company has attained over recent years, UKW is well placed to make value-accretive acquisitions."

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LSE:UKW
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