Proactive Investors - Run By Investors For Investors

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."

View full UKW profile View Profile

Greencoat UK Wind Timeline

Related Articles

wind farms
May 02 2019
Shares just below an all-time high with a prospective dividend yield of 5%
MeyGen
April 29 2019
Tidal, waste-to-energy and hydropower are all set to be part of the portfolio
Alternus Energy solar park in Italy
December 18 2018
The clean energy company’s portfolio includes solar parks in Italy, Germany, and, soon, in the Netherlands

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use