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Greencoat UK Wind says recent share placing raised gross proceeds of £118.8mln to complete Clyde wind farms stake purchase

UKW said, after the transactions, it will have outstanding borrowings of £245mln under its Revolving Facility Agreement and £150mln under its Long Term Facility Agreement, equivalent to around 23% of gross asset value
Wind farm
Tim Ingram, UKW’s chairman commented: "We are pleased to announce another successful and heavily oversubscribed equity capital raise, which is NAV accretive, net of costs”

Greencoat UK Wind PLC (LON:UKW) said today that the share placing it announced on 8 May 2018 raised gross proceeds of £118.8mln.

The FTSE 250-listed renewable infrastructure fund, invested in operating UK wind farms said 101,576,695 new ordinary shares, will be issued, increasing its total ordinary shares in issue to 1,130,794,986.

READ: Greencoat UK Wind raises stake in Clyde project to 28%

The group added that net proceeds will be used to complete the purchase of UKW's further shareholding in the Clyde wind farms on 30 May 2018

Tim Ingram, UKW’s chairman commented: "We are pleased to announce another successful and heavily oversubscribed equity capital raise, which is NAV accretive, net of costs.”

Following receipt of the net proceeds and completion of the Clyde shareholding acquisition, UKW said it will have outstanding borrowings of £245mln under its Revolving Facility Agreement and £150mln under its Long Term Facility Agreement, equivalent to around 23% of gross asset value.

The news shares were placed at a price of 118p each. In early morning trading on Friday, UKW shares were changing hands at 119.8p each, down 0.8% on Thursday’s close.

View full UKW profile View Profile

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