Greencoat UK Wind PLC (LON:UKW) has announced a new programme of share issuance of up to 500mln new shares to be conducted over the next 12 months through a number of tranches.
The renewable infrastructure fund group said the proceeds of the programme will be used to pay down the company's Facility Agreement enabling it to “pursue further attractive investment opportunities”.
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The group said the new ordinary shares will be issued by way of an placing and offer for subscription with the final size of the initial issue to be announced on 20 October 2017.
Tim Ingram, Greencoat UK Wind’s chairman, said: “The programme of capital raises announced today will enable the Company to pay down debt and continue to take advantage of the significant pool of assets currently available in the UK wind farm secondary market. Having grown the Company to the size it is today, we are better placed than ever to capitalise on the strong pipeline of investment opportunities available to us further to enhance returns for our shareholders."
In morning trading, Greencoat UK Wind shares were 3.3%, or 4.1p lower at 121.5p.