Greencoat UK Wind plc, the listed renewable infrastructure fund invested solely in operational UK wind farms, has raised £125 million (US$201 million) in a share issue.
The fund sold 116.8 new shares at 107 pence each. UK Wind is currently invested in sixteen wind farms, both onshore and offshore, with net generating capacity of 271.5MW.
The proceeds will be used to pay down the acquisition debt facility, leaving total gearing of approximately 20%Commenting on the announcement, Tim Ingram, Chairman of Greencoat UK Wind, said:
"We are delighted with the strong support from existing shareholders and new institutions and pleased to be able to accommodate the additional demand which has taken the fund raise 25% over and above our £100m target. We believe this demonstrates the attractiveness of Greencoat UK Wind's independent model, providing investors with stability and growing long term returns. The proceeds will be used to pay down part of the existing bank debt, enabling the company to take advantage of further opportunities for value-accretive acquisitions as they arise."
Stephen Lilley, Partner of Greencoat Capital, said:
"Following another period of delivery, we are very pleased with the confidence shown by shareholders. Our current portfolio continues to perform well, reflecting the quality of our assets and our focus on driving performance. Looking forward, the market for buyers of wind assets remains attractive and we now have the capacity to make further acquisitions on a selective basis."