Monday 9 February 2015

UK Government sells shares in wind investor Greencoat

The UK Government has sold all its shares in renewables investor Greencoat UK Wind.

The Department for Business, Innovation & Skills (BIS) said it sold 50 million shares at a price of 103.5 pence per share, raising £51.75 million.

The Government had invested in the company in March 2013 in a bid to “help establish a new market for operational renewable energy assets”.

Business Secretary Vince Cable added: “We wanted to allow developers to recycle their capital into new renewable construction projects and to help grow this important sector.

“This sector is now well-established, with six listed renewables infrastructure funds worth more than £1.7 billion and so it is an appropriate time to reduce the department’s shareholding.”