LONDON, March 22 Greencoat UK Wind, an
investment fund focused on buying wind farms in Britain, has
raised 260 million pounds ($394.7 million) and hit its maximum
target in an oversubscribed flotation on the London Stock
Greencoat, which had planned to raise at least 205 million
pounds, said the proceeds will be used to buy six operational
wind farms from utilities SSE and RWE.
It said that as a result of a significant oversubscription
for its shares, SSE's investment had been scaled back to 10
million shares having previously indicated it would invest up to
43 million pounds in the stock.
"We are delighted at the response to our offer from private
and institutional investors," said Chairman Tim Ingram.
"The listing provides us with the platform to build upon the
initial portfolio of operational wind farms, taking advantage of
the underlying growth we expect in the wind farm market," Ingram
Greencoat UK Wind, an infrastructure fund managed by
Greencoat Capital, said it had placed 260 million shares at 100
pence per share.
The British government is backing Greencoat's flotation,
investing 50 million pounds in a move which it said will help
attract additional private investment into the renewable energy
The stock is due to make its market debut on Wednesday March