Renewable infrastructure fund Greencoat UK Wind has raised £147m in a share issue to fund a pipeline of investment opportunities.
The wind farm operator has placed 133.6m new shares at £1.10 each, increasing its listed stocks to 736.7m. The new shares will start trading in London on 22 November, it said.
It is the second issue from the share issuance plan that Greencoat unveiled in April.
The company will now have outstanding long-term borrowings of £100m, or about 11% of its gross asset value.
“We are delighted to announce a heavily oversubscribed capital raise, highlighting the strong support of both existing and new shareholders,” Greencoat chairman Tim Ingram said.
“The proceeds will be used to pay down the company’s short term acquisition facility in full, enabling Greencoat UK Wind to pursue a pipeline of attractive investment opportunities,” he said. “The company’s long term borrowings will remain in place.”
Image: ReNEWS
