Travers Smith LLP has acted for RBC Capital Markets and Jefferies International Limited in their capacity as Joint Global Co-ordinators and Joint Bookrunners in a placing, open offer, intermediaries offer and offer for subscription (the "Issue") of Ordinary Shares in Greencoat UK Wind PLC.
Investor demand for the Issue significantly exceeded the maximum size of £396 million and, as a result, a further tap issue of £54 million was offered on equivalent terms to the placing.
Admission to the Official List and to trading on the London Stock Exchange's main market occurred at 8 a.m. on 29 November 2021. The net proceeds from the Issue will be used to fund the £250 million investment in the Burbo Bank Extension offshore wind farm and partially repay Greencoat's Facility Agreement, thereby facilitating the funding of an attractive pipeline of investment opportunities, including near-term committed investments in Windy Rig, Twentyshilling and Glen Kyllachy.
The Travers Smith team was led by Funds Partner, Will Normand, and Corporate Partner, Tom Coulter. The team also included Corporate Senior Counsel, Brent Sanders, and Funds Associate, Hannah MacDonald. Greencoat was advised by Cadwalader, Wickersham & Taft LLP.
Will Normand, Funds Partner commented: "We are delighted to have advised RBC Capital Markets and Jefferies International Limited on another successful and oversubscribed fundraising for Greencoat UK Wind PLC. The success of the fundraising illustrates the appetite of investors to invest in renewable energy and Greencoat's track record of dependable returns to shareholders."