Greencoat UK Wind raises £198mln in share placing

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Greencoat UK Wind PLC (LON:WIND) has brought in £198mln of new capital as it advances a strong pipeline of acquisition opportunities.

The company said in a statement the proceeds will be used to reduce or repay borrowings via its revolving credit facility.

It noted that gearing will now be around 28% of gross asset value, following the placing and its recent acquisition.

“We are grateful for the ongoing support from our shareholders, which has led to another successful and oversubscribed equity capital raise,” said chair Shonaid Jemmett-Page.

“Our simple, low risk model continues to deliver and we look forward to maintaining our track record of dependable returns to shareholders.”

The placing sees the company issue 150.8mln new shares to institutional investors at a price of 131p per share.

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