Greencoat lines up equity sale to pay down £350m acquisition loan

By Sam Kerr
03 Sep 2020

Greencoat UK Wind’s £350m ($467m) debt funded acquisition of a stake in two wind farms from SSE has pushed the infrastructure fund close to its leverage cap, with the fund already planning a new round of equity raises to pay down the debt.

The company has drawn down almost all of its £400m revolving acquisition facility to pay for SEE’s 25.1% stake in the Walney I and II wind farms off the Cumbrian coast in the UK.

“Our leverage cap is 40% of [gross asset value (GAV)],” said Stephen Lilley, ...

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