Greencoat builds wind war chest

Wind farm investor Greencoat UK Wind has secured a £50 million cash injection as it looks to seal its latest onshore acquisition.

In an announcement to the London Stock Exchange this morning, Greencoat said it had reached its funding target after tapping institutional investors.

The £50 million will be used to close Greencoat’s latest project acquisition with the company in exclusivity talks over an unnamed UK wind farm.

Company Chairman Tim Ingram said the funding call was oversubscribed.

“We are delighted to raise the maximum amount under our placing and see continued strong support from existing shareholders and new institutions,” he said.

“Our aim is to provide investors with an attractive and inflating dividend alongside real capital preservation.

“The significant oversubscription for this, our third follow-on fundraise demonstrates the attractiveness of UKW’s independent model, providing investors with stability and growing long term returns.”

The cash round will see the company issue just over 46 million new ordinary shares at a price of 107.5 pence per share.

Image: MorgueFile