Bookbuilding for GBP-131m share sale by Greencoat closing today

The Stronelairg wind farm. Image by SSE (www.sse.com)

February 12 (Renewables Now) - Greencoat UK Wind Plc (LON:UKW) said that bookbuilding for its share placing, planned to raise up to GBP 131 million (USD 169m/EUR 149m), will close today, two days earlier than previously announced.

The renewable infrastructure fund wants to accelerate the closure of the placing following material investor demand. As announced on February 1, it is selling 102.95 million ordinary shares at GBP 1.27 apiece. The price is a premium of 4.6% to the last reported net asset value (NAV), ex-dividend, of GBP 1.214 as of January 18.

RBC Capital Markets has been appointed bookrunner and Kepler Partners LLP is acting as placing agent.

Under the updated timetable, the results of the placing will be known on February 13. Shareholder approval will still be sought at a general meeting on February 25. Proceeds from the placing will go to repay or reduce future drawdowns under the fund’s revolving credit facility.

Greencoat UK Wind announced the placing at the start of the month together with news of a deal to buy 35.5% in the 228-MW Stronelairg and 94-MW Dunmaglass onshore wind farms from UK utility SSE Plc (LON:SSE). It will pay GBP 452 million, including cash and working capital.

(GBP 1 = USD 1.29/EUR 1.14)

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Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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