Greencoat plans new war chest
Up to 500 million new shares to be issued over next 12 months
Greencoat UK Wind is to issue up to 500 million new shares over the next 12 months to raise funds to pursue investment opportunities.
The company will also use the proceeds to pay down the company’s £500m (€567m) debt facility agreements.
An initial issuance, which is still to be approved by Greencoat shareholders, will be priced at £1.17 per share.
The share issue prospectus is expected to be published in the week commencing 2 October, with the final size of the initial issue to be announced on 20 October.
Greencoat UK Wind chairman Tim Ingram said: “The programme of capital raises announced today will enable the company to pay down debt and continue to take advantage of the significant pool of assets currently available in the UK wind farm secondary market.
“Having grown the company to the size it is today, we are better placed than ever to capitalise on the strong pipeline of investment opportunities available to us further to enhance returns for our shareholders.”