Weekly renewables M&A round-up (May 23-27)
May 27, 2022 17:26 CESTNovember 25 (Renewables Now) - Greencoat UK Wind Plc (LON:UKW) has secured GBP 450 million (USD 600.8m/EUR 536.1m) of gross proceeds in an oversubscribed equity raise, which will be used to fund its investment in the Burbo Bank Extension wind farm in UK waters.
The renewable infrastructure fund, which is managed by Greencoat Capital LLP, announced in early November it is investing GBP 250 million in the 258-MW offshore wind farm for a net interest of 15.7%. The deal is for a 25% stake in Burbo Bank Extension, which Greencoat UK Wind is acquiring in partnership with pension funds investing through Greencoat Renewable Income LP.
The capital raise will also help fund Greencoat UK Wind’s committed investments in the Windy Rig, Twentyshilling and Glen Kyllachy wind projects, which are currently being commissioned. “We continue to see a strong pipeline of attractive investment opportunities," said Stephen Lilley of Greencoat Capital.
Greencoat UK Wind said that as investor demand has exceeded the maximum issue size of GBP 396 million, it has decided to use part of its annual pre-emption disapplication authority to meet GBP 54 million of the excess demand.
Subject to shareholder approval on November 26, it will issue a total of about 340.9 million shares, including some 40.9 million under the tap issue.
(GBP 1 = USD 1.335/EUR 1.191)
Weekly renewables M&A round-up (May 23-27)
May 27, 2022 17:26 CESTDuke Energy equips Hawaii university with solar and storage
May 27, 2022 17:17 CESTUS stays atop EY renewables attractiveness index, Spain heads PPA chart
May 27, 2022 16:32 CESTSavannah Energy to develop up to 500 MW of renewables in Chad
May 27, 2022 16:08 CESTCelsia building 260 MW of solar farms in Colombia
May 27, 2022 15:51 CESTAgrana, RWA equip Austrian fruit juice concentrate plant with solar modules
May 27, 2022 15:36 CEST