Ashurst, CMS, Norton Rose advise on Greencoat’s £260m IPO

Ashurst, CMS Cameron McKenna and Norton Rose have advised on the £260m IPO of closed-ended infrastructure fund Greencoat UK Wind.

Mike Newell
Mike Newell

Greencoat is managed by Greencoat Capital, which described the float as the first opportunity for investors to buy into a listed infrastructure fund fully invested in operating UK wind farms.

The company is seeking to raise £205m, with an option to increase the size of the issue by up to £55m.

The amounts raised are set to be used to buy a seed portfolio of six operational wind farms from utilities groups Scottish and Southern Energy (SSE) and RWE Innogy.

Norton Rose advised Greencoat, putting forward lead corporate partner Mike Newell, with corporate partner Stephen Rigby advising on the acquisition of the seed portfolio. Partner Andrew Hedges advised on project finance matters.

The firm’s lead associates on the deal were Nicholas Harmes on the IPO and Fay Stavrou on the acquisition.

Ashurst equity capital markets partner Nicholas Holmes led for IPO managers Barclays, RBC Capital Markets and Winterflood Securities alongside US partner Ray Fisher and lead senior associate Padmini Singla.

SSE was advised in-house, while RWE turned to a CMS team headed by corporate partner Charles Currier with assistance from senior associate Stuart Hohnen, associate Glyn Richards, energy partner Munir Hassan, energy associate Louise Dalton, tax partner Aaron Fairhurst and real estate partner Mark Heighton.

Background to this deal:

Norton Rose’s ties to Greencoat (previously Novusmodus) date back to its establishment, with Newell the relationship partner right through. The relationship was boosted when a team from Norton Rose client Climate Change Capital moved to Greencoat roughly two years ago. The latest instruction came from this existing link, with no need for a pitch process.

Ashurst’s mandate from the banks came from its relationship with longstanding client Barclays. The firm also last year advised Goldman Sachs, Oriel Securities and RBC on Salamander Energy’s $212m rights issue, with Holmes leading for the underwriters and Clifford Chance corporate partner David Lewis acting for Salamander.

For more on this deal, see The Lawyer’s monthly deals roundup for March