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LONDON (Alliance News) - Renewable infrastructure investor Greencoat UK Wind PLC on Thursday launched a series of fundraises to be carried out over the next 12 months.
The proceeds would be used to reduce borrowing, enable further investment, and increase the liquidity of its shares.
Greencoat is starting an initial placing and subscription immediately, at a price of 133 pence a share, a 5.2% discount to its closing price Wednesday in London. Shares were 2.5% lower on Thursday morning at 138.40p each.
Greencoat can issue up to 500 million new shares over the next 12 months, but did not sya how many would be placed initially.
"Following our investment in the high quality Stronelairg and Dunmaglass wind farms, and the imminent purchase of the Tom nan Clach wind farm, the share issuance programme launched today will enable the company to pay down debt and continue to capitalise on the strong pipeline of acquisition opportunities in the UK wind farm secondary market," said Chair Tim Ingram.
"Given the size and scale the company has attained over recent years, Greencoat UK Wind is well placed to make value-accretive acquisitions and further enhance returns for our shareholders."
