Greencoat UK Wind plc, the investor in UK wind farms, has announced its intention to raise up to £50 million through a placing of new ordinary shares in the capital of the company by way of tap issuance to institutional investors.
Commenting on the announcement, Tim Ingram, Chairman of UKW, said:
"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. 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 ten days of the Placing closing with net bank borrowing being reduced in the meantime."
Under the terms of the Placing, UKW intends to place up to 46,115,906 new ordinary shares in the capital of the company, under the authority granted at the company's annual general meeting on 28 April 2015 at an issue price of 107.5p.
The number of the placing shares will be determined at the close of the bookbuild for the placing, expected at 4pm on Tuesday, 24 November 2015.
RBC Europe Limited is acting as bookrunner to the company and Winterflood Securities Limited is lead manager in relation to the Placing.