Dec. 13 (Bloomberg) -- Greencoat U.K. Wind Plc, the wind- farm investor that held Britain’s biggest clean-energy initial public offering this year, raised 83 million pounds ($135 million) in a secondary sale, falling short of its forecast.
Greencoat will use the money to repay debt after it borrowed to fund acquisitions in the U.K., the London-based company said today in an e-mailed statement. Greencoat had sought to raise as much as 135 million pounds.
Some investors have been putting less money into renewable- power ventures as they await clarity on U.K. policy. The Conservative-led government and opposition Labour Party have been at loggerheads on energy strategy, with Prime Minister David Cameron pledging to “roll back” green levies on customer bills and Labour vowing a price freeze.
“We’re pleased with the outcome of our first follow-on, particularly against the recent backdrop,” said Stephen Lilley, a partner at the fund’s investment manager Greencoat Capital LLP. “The funds raised allow us to pay down debt and continue to assess the many attractive opportunities for growth.”
Following debt repayments, Greencoat will still have 50 million pounds in loans outstanding, according to the statement. Its market capitalization following the sale of 81 million shares at 102.5 pence apiece is more than 350 million pounds, Lilley said by e-mail.
--Editors: Amanda Jordan, Tony Barrett