Cadwalader Advises Greencoat UK Wind on Oversubscribed £450 Million Share Issuance

December 02, 2021

Cadwalader has advised Greencoat UK Wind PLC on its oversubscribed £450 million share issuance pursuant to an Offer for Subscription, Open Offer, Intermediaries Offer, Placing and parallel Tap Issuance in respect of excess demand. Greencoat UK Wind PLC is the leading London Stock Exchange-listed renewable infrastructure investment fund, with a market capitalisation of £3 billion and investments in 40 operating UK wind farms with net generating capacity of 1,289.8MW.

This represents the largest-ever equity fundraise for a UK-listed renewable infrastructure fund.  

The Cadwalader team was led by Financial Services partner Michael Newell and included partners Adam Blakemore and Dorothy Mehta, senior counsel Maurine Bartlett, special counsel Catherine Richardson, associates Jack Kelly, Paolo Del Val and Matthew Lefkowitz and paralegal Queenie Je.

“We are pleased to have assisted Greencoat UK Wind PLC on its latest oversubscribed £450 million share issuance,” Newell said. “Interest in UK wind farms and renewable energy has attracted significant attention and investment in 2021, particularly in light of the 2021 United Nations Climate Change Conference (COP26) and the introduction of the EU Sustainable Finance Disclosure Regulation (SFDR).”

Cadwalader’s London Financial Services team has a depth of experience in the renewable energy sector, having also recently acted as English counsel to Greencoat Renewables PLC, an Irish renewables infrastructure fund invested in euro-denominated assets and trading on the Euronext Growth and Alternative Investment Market, on its oversubscribed placing of  €165 million share issuance.