Greencoat UK Wind ups latest funding round to £450m

25 November 2021

(Sharecast News) - Renewable infrastructure fund Greencoat UK Wind has upped its latest funding round to £450.0m as demand for shares "significantly" outstripped supply.
Greencoat, which was originally looking to raise up £396.0m, said on Thursday that it has exercised an option to issue a further £54.0m in shares as a result of heightened demand and to take into account the group's £350.0m drawdown on loan facilities and £400.0m of investment commitments.

A total of 340.9m new ordinary shares will be placed, with 147.97m being issued under the placing, 132.75m under an open offer, 19.26m under an intermediaries offer and offer for subscription, and 40.9m under a tap issue.

The FTSE 250-listed outfit stated that proceeds from the fundraiser will be used to cover its £250.0m investment in the Burbo Bank Extension offshore wind farm and repay a portion of its loan facility agreement.

Stephen Lilley of fund manager Greencoat Capital said: "This capital raise will help fund the investment in Burbo Bank Extension along with our previously announced commitments to invest in Windy Rig, Twentyshilling and Glen Kyllachy, currently being commissioned. We continue to see a strong pipeline of attractive investment opportunities."

As of 0850 GMT, Greencoat shares had inched up 0.34% to 133.25p.