Greencoat UK Wind unveils plans to raise GBP50m to fund acquisition

Wind farm infrastructure investor Greencoat UK Wind unveiled plans to raise up to £50m through a share placing to fund an unspecified investment.

The London-listed company said it will place up to 46.1m shares at 107.5p each to raise capital, which will then partly fund an acquisition within 10 days of the placing closing.

“We are well placed to take advantage of the substantial growth in the UK wind farm secondary market, and have made significant progress on developing our pipeline of near-term investment opportunities," said group chairman Tim Ingram.

“It is expected that the proceeds of the placing would be used to part-fund this investment within ten days of the placing closing with net bank borrowing being reduced in the meantime.”

Greencoat shares were down 2.46% to 109.00p at 1555 GMT on Thursday.