Greencoat UK Wind raises £147m from share issue

Wind farm infrastructure fund Greencoat UK Wind (UKW) said it had raised £147m through the issue of 133.6m new ordinary shares at 110p each.

UKW chairman Tim Ingram said the proceeds would be used to pay down the company's short term acquisition facility in full, enabling it to “pursue a pipeline of attractive investment opportunities”.

“The company's long term borrowings will remain in place," he said.

Following the receipt of net proceeds from the issue and subsequent full repayment of borrowings under its revolving facility agreement, UKW will have outstanding borrowings of £100m under its long term facility agreement.

Application will be made for the new ordinary shares to be admitted to trading on the London Stock Exchange's main market for listed securities from 8.00 a.m. on 22 November 2016, UKW said.