UK green investors target £615m

A pair of investment outfits have launched separate share issues designed to raise a total of £615m to support ongoing renewables acquisitions.

Greencoat UK Wind is planning up to 300 million new shares over the next 12 months at an initial price of 105p with the prospectus to be published next week.

Proceeds “will be used to pay down the company’s revolving facility agreement, enabling the company to pursue further attractive investment opportunities”.

Fund chairman Tim Ingram said: “We believe that the future opportunities for Greencoat UK Wind are very exciting. There is a significant asset pool with a healthy number of motivated sellers and we are very well placed to take advantage of this.”

The Renewables Infrastructure Group has also lifted the lid on the planned issue of 300 million shares, again to be raised in tranches with an initial price of 100p.

Cash raised will be “applied to pay down balances outstanding under the (existing) acquisition facility and to make further investments in accordance with the company’s investment policy”.

The share programme is expected to kick off in early May following consideration at an extraordinary general meeting.

The company said: “With the backdrop of a continued flow of renewables projects from their developer-owners to new long-term owners, as well as a substantial flow of new developments underway across most of the company’s target markets, (TRIG) continues to assess a broad active pipeline of onshore wind and solar PV projects for potential investment, as well as potential opportunities in additional technologies such as offshore wind.”

Image: a number of RES-built projects are part of the TRIG portfolio (RES)