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Greencoat UK Wind raises £375mln to expand wind farm portfolio

Currently the FTSE 250 group is invested in 34 operating UK wind farms with net generating capacity of 950Mw.
wind farm
Greencoat is steadily building its asset base

Renewables investor Greencoat UK Wind PLC (LON:UKW) has raised £375mln through a share issue at 133p for more additions to its portfolio of windfarms.

Stephen Lilley, the fund’s manager, said the money raised would strengthen the balance sheet and enable it to take advantage of a large pipeline of opportunities currently available.

Greencoat has already added two high-quality investments this year at Stronelairg and Dunmaglass, Lilley said, with a third at Tom nan Clach to follow shortly.

Currently the FTSE 250 group is invested in 34 operating UK wind farms with net generating capacity of 950Mw. 

Following the raise, Greencoat will have £575mln of outstanding debt or the equivalent of 23% of gross asset value.

In May, Greencoat received shareholder permission to issue up to 500mln of new shares in tranches over the next 12 months.

The renewables group sold 281mln shares in this funding round.

Shares rose a touch to 134p.

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