Greencoat UK Wind has raised £131m (€149m) through a share issuance that will be used to repay or reduce future draw downs under the company’s revolving credit facility.
A total of 102,946,483 new ordinary shares were issued bringing the total to 1,234,668,373.
The company said that following the receipt of the proceeds and completion of the Stronelairg and Dunmaglass acquisitions, Greencoat UK Wind should have £794m of outstanding debt representing approximately 34% of gross asset value.
Greencoat UK Wind chairman Tim Ingram said: “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 (Greencoat UK Wind)’s attractive investment returns, proven track record and simple, low risk model.”
The shares are expected to be ready to trade on the London Stock Exchange on 27 February.