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Greencoat UK Wind says gross issue proceeds of £131mln raised from placing announced on February 1

Following the receipt of the proceeds and completion of the Stronelairg and Dunmaglass acquisitions, the company said it should have £794mln of outstanding debt
Wind turbine
Greencoat said the net proceeds will be used to repay or reduce future draw-downs under the company's revolving credit facility

Greencoat UK Wind PLC (LON:UKW) said it raised gross issue proceeds of £131mln from the share placing it announced on 1 February 2019 in combination with plans to acquire stakes in the Stronelairg and Dunmaglass wind farms from FTSE 100-listed utilities group SSE PLC (LON:SSE).

The FTSE 250-listed renewable infrastructure fund which invests in operating UK wind farms added that 102,946,483 new ordinary shares will be issued at the placing price of 127p each, increasing its ordinary shares in total to 1,234,668,373.

READ: Greencoat UK Wind to acquire 35.5% stake in Stronelairg and Dunmaglass wind farms from SSE

The group said the net proceeds will be used to repay or reduce future draw-downs under the company's revolving credit facility.

Following the receipt of the proceeds, and completion of the Stronelairg and Dunmaglass acquisitions, the company said it should have £794mln of outstanding debt - of which £400mln is long term debt - which would be equal to approximately 34% of its gross asset value.

Tim Ingram, Greencoat UK Wind chairman, commented: "We are grateful for the continued support from our shareholders, which has led to another oversubscribed equity capital raise and is reflective of the strong demand for UKW's attractive investment returns, proven track record and simple, low-risk model."

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