18th May 2018 08:48
LONDON (Alliance News) - Greencoat UK Wind PLC said on Friday it has raised GBP118.8 million through the issue of 101.6 million at a price of 117.00 pence per share.
Shares in the FTSE 250-listed renewable infrastructure fund were down 0.8% at 119.80 pence on Friday.
Proceeds will go towards funding enlarging its stake in Clyde Wind Farms to 24% for GBP114.2 million.
Following the issue and acquisition, Greencoat will have outstanding borrowings of GBP245 million under its revolving facility agreement and GBP150 million under its long-term facility agreement.
"We are pleased to announce another successful and heavily oversubscribed equity capital raise, which is net asset value accretive, net of costs. We are grateful for the support from shareholders, which is testament to the company's simple, low risk and proven strategy," said Chairman Tim Ingram.
Greencoat UK Wind now has 1.13 billion shares issued overall.
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