U.K. Government Sells Shares in Wind Power Fund Greencoat

(Bloomberg) — The U.K. government’s Department for
Business, Innovation and Skills sold its entire shareholding in
Greencoat U.K. Wind Plc.

BIS sold its 50 million ordinary shares, or about a 10.8
percent stake, London-based Greencoat said today in an e-mailed
statement. The shares have been placed with a “broad range” of
investors, it said.

“From the outset, BIS’s objective was to support the
launch of Greencoat, thereby helping to encourage significant
additional private capital into energy infrastructure,” Tim
Ingram, chairman of Greencoat, said in the statement.

“BIS’s support has proven to be very successful, with over
1.7 billion pounds ($2.6 billion) of private capital being
raised by Greencoat and other follow-on funds, helping to speed
up the process of recycling capital into the construction of new
renewable energy assets.”

Greencoat raised 260 million pounds through an initial
share sale in London in 2013 to invest in U.K. wind farms. It’s
now invested in 16 facilities with a combined capacity of about
272 megawatts. The fund in October raised 125 million pounds
through a sale of shares to repay bank debt and fund
acquisitions.

To contact the reporter on this story:
Louise Downing in London at
ldowning4@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Tony Barrett, Alex Devine

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