Heritage Administration Services Limited (HASL) has acted for Greencoat UK Wind on its recent IPO and launch.
Greencoat is incorporated in England and Wales and structured as a closed-ended infrastructure investment company with an indefinite life and HASL has been appointed as the company’s administrator and company secretary.
Greencoat was admitted to the premium listing segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange’s main market for listed securities on 27 March 2013.
Following strong demand during the book-building process, Greencoat UK Wind placed 260 million shares at an issue price of 100 pence per ordinary share raising gross proceeds of GBP260m. The oversubscribed offer was scaled back to the maximum targeted fund raise.
The proceeds of the raise will be used to acquire a seed portfolio of operational UK onshore and offshore wind farms from RWE and SSE. The interests in wind farms comprise a net capacity of 126.5MW. The operational mandate of the acquired wind farm assets will continue to be performed by RWE and SSE respectively.
Mark Huntley, managing director of HASL, says: “We are delighted to have supported Greencoat UK Wind plc and its advisors in achieving a very successful initial public offering. We have worked with the principals behind the project for some time and we are delighted to be involved with such knowledgeable and enthusiastic professionals. Well-structured renewable energy is becoming increasingly popular and structuring it in a listed investment company with a yield, not only gives the investors possible liquidity but also a predictable return from a sustainable asset class.”
