5th Feb 2015 07:51
LONDON (Alliance News) - The UK government Thursday said it will sell a stake in Greencoat UK Wind PLC, saying it was an appropriate time to sell given that the renewable energy infrastructure private sector was now established.
In a statement, Barclays PLC said the Department for Business, Innovation and Skills will place at least 40 million Greencoat shares at between 103 and 105 pence a share through an accelerated bookbuild, meaning the sale will be done quickly with little or no marketing. The sale is expected to be over by midday Friday.
Barclays and RBC Capital Markets are acting as joint bookrunners on the share sale, with Winterflood Securities Ltd also working on the deal.
The final number of shares to be sold will be agreed by the two bookrunners and the government department at the close of the bookbuild, with the results of the placing announced soon afterwards.
"The department invested in the launch of Greencoat UK Wind in March 2013 to help establish a new market for operational renewable energy assets. We wanted to allow developers to recycle their capital into new renewable construction projects and to help grow this important sector. This sector is now well-established, with six listed renewables infrastructure funds worth more than GBP1.7 billion, and so it is an appropriate time to reduce the department's shareholding," Business Secretary Vince Cable said in a statement.
By Steve McGrath; [email protected]; @stevemcgrath1
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