Greencoat Plans to Raise 100 Million Pounds for U.K. Wind Farms

Sept. 23 (Bloomberg) — Greencoat U.K. Wind Plc, a fund
that raised 260 million pounds ($426 million) through an initial
share sale in London last year, plans to seek another 100
million pounds.

Greencoat plans to issue about 93.5 million new ordinary
shares at 107 pence apiece, it said today in a statement. It
will use the proceeds to refinance an existing bank facility
that has been used to buy wind farms, it said.

“In our first 18 months since listing we have delivered on
the opportunity we set out to investors; to pay a stable 6-pence
dividend, increasing in line with inflation, and to grow the net
asset value per ordinary share on a real basis,” Tim Ingram,
non-executive chairman, said in the statement.

“We have also reinvested nearly 19 million pounds
alongside acquisition debt facilities in 10 new investments
bringing our gross asset value to 582.9 million pounds,” he
said.

The fund has bought 16 wind farms from five sellers and
will seek further growth opportunities, it said in the
statement.

To contact the reporter on this story:
Louise Downing in London at
ldowning4@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Alex Devine, Ana Monteiro

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