12th Nov 2015 09:41
LONDON (Alliance News) - UK wind farms infrastructure investor Greencoat UK Wind PLC on Thursday said it will raise up to GBP50.0 million through a share placing to back a planned investment, which it didn't name.
Greencoat said it will place up to 46.1 million shares at 107.5 pence per share to raise the funds. Shares in Greencoat were down 2.3% to 109.24p on Thursday. It has market capitalisation currently of GBP504.5 million.
"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 Tim Ingram, Greencoat's chairman.
"As part of this, we are currently working towards a particular acquisition on an exclusive basis. 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," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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