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.
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.