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Home Business & Environment Business

Greencoat UK Wind beats target with £125m rights issue

By Graham Huband
Greencoat UK Wind beats target with £125m rights issue

Renewables infrastructure fund Greencoat UK Wind yesterday exceeded its target after securing £125 million in a new fundraising rights issue.

The firm which has built up a UK-wide portfolio of onshore windfarm developments, including the Braes of Doune array near Stirling had hoped to raise £100m but moved to “accommodate” extra demand.

The cash will be used to pay down the acquisition debt facility and fund future investment opportunities.

Chairman Tim Ingram said: “We are delighted with the strong support from existing shareholders and new institutions, and pleased to be able to accommodate the additional demand which has taken the fund-raise 25% over and above our £100m target.”