Greencoat UK Wind raises £198m from placing

Renewable infrastructure fund Greencoat UK Wind said on Wednesday that it had raised gross proceeds of £198.0m on the back of a placing of new ordinary shares.

Greencoat will use the funds raised to repay or reduce borrowings under its revolving credit facility in order to allow it to then fund its "strong pipeline of acquisition opportunities".

The FTSE 250-listed firm noted that following the placing and completion of its near-term acquisitions, its gearing will be equal to 28% of the group's gross asset value.

Chairman Shonaid Jemmett-Page said: "We are grateful for the ongoing support from our shareholders, which has led to another successful and oversubscribed equity capital raise. Our simple, low risk model continues to deliver and we look forward to maintaining our track record of dependable returns to shareholders."

Jefferies acted as joint global coordinator and joint bookrunner on the fundraiser, marking the second follow-on offering undertaken by Jefferies for Greencoat after a September 2020 equity issue of £400.0m.

As of 0855 GMT, Greencoat shares were down 0.30% at 131.40p.