Greencoat UK Wind is to issue up to 500 million new shares in tranches to repay debt and raise capital for investment.
In a market notice, published today, the renewable infrastrucuture funds said the initial share issuance will be at 117p per share. The prospectus for this share issuance programme will be released in early October with the final size of the issue announced on 20 October, Greencoat said.
Greencoat, which listed in 2013 and is managed by Greencoat Capital, has grown a portfolio of 18 operating wind farms in Britain with combined net generating capacity of 400MW.
“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 far secondary market,” chairman Tim Ingram said.
Greencoat UK Wind has made 18 additional wind generation asset investments since the listing in 2013, the company said, bringing the total of wind farms to 24, including two in the north of England purchased at the end of August. The 24 windfarms have a combined generating capacity of 617MW, the company said.
Greencoat UK Wind provided a total shareholder return of 52.1 per cent for the period since listing in 2013 to 30 June 2017. At time of publication the company’s shares were trading at 121.50 pence a share.