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Greencoat seeks wind spree cash

£50m share issue launched today with eye on imminent acquisition

Greencoat seeks wind spree cash image

Wind farm investor Greencoat UK Wind is eyeing a £50m cash injection ahead of a boost to its onshore wind portfolio.

Greencoat, which invests solely in operational projects, said it hoped to raise the funding through a share placing launched today.

Company chairman Tim Ingram said the cash would be used to immediately close the company’s next acquisition, which is already under exclusivity.

"We are well placed to take advantage of the substantial growth in the UK wind farm secondary market, and have made significant progress on developing our pipeline of near-term investment opportunities,” said Ingram.

“As part of this, we are currently working towards a particular acquisition on an exclusive basis. It is expected that the proceeds of the placing would be used to part-fund this investment within 10 days of the placing closing with net bank borrowing being reduced in the meantime."

The company will issue the shares at the issue price of 107.5p, an almost 4% discount on its trading level yesterday.

Image: Greencoat is in the advanced stages of its latest wind deal (reNEWS)

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