Ashurst advised RBC Capital Markets as sole global co-ordinator, sponsor and joint bookrunner, Barclays as joint bookrunner and Winterflood Securities as lead manager on the successful IPO of Greencoat UK Wind, an infrastructure fund managed by Greencoat Capital, a cleantech and renewables focused investment management firm.

The Issue comprises a total of 260 million shares at an issue price of 100 pence per share, raising gross proceeds of £260 million which is the maximum fund raise. As a result of the significant oversubscription from investors, SSE's investment has been scaled back to 10 million shares and The Department for Business, Innovation and Skills has subscribed for 50 million shares.

Greencoat UK Wind is structured as a closed-ended infrastructure investment company with an indefinite life and represents exposure to UK wind generation through a premium listed vehicle - the first of its kind. The proceeds of the Issue will be used to acquire a seed portfolio of operational UK wind farms from two major utilities: RWE and SSE. Admission took place at 8.00 a.m. on 27 March 2013.

The Ashurst team was led by corporate partner Nicholas Holmes, assisted by senior associate Padmini Singla, associate Yoana Yoshovska and trainee solicitor Sonica Tolani. Corporate counsel Caroline Chambers also assisted on the deal. Norton Rose acted for Greencoat UK Wind.

Commenting Nicholas Holmes said: "This is the UK's largest IPO in the renewables energy sector, with the Government's Green Investment Bank having invested £50 million. It is also yet another encouraging sign for the IPO market in the UK."

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