Greencoat UK raises £340m to pay to expand portfolio
Investment company Greencoat UK Wind intends to expand its 617 MW portfolio of 24 wind farms after securing £340m ($447m) during a recent share issuance. The oversubscribed offering saw 290.6 million new ordinary shares sold, while chairman Tim Ingram said the proceeds would used to pay down debt and take advantage of an "attractive pipeline of opportunities".

Greencoat UK Wind Plc (LON:UKW) has raised gross proceeds of GBP 340 million (USD 450.6m/EUR 381.7m) from the first offering under its latest share issuance programme, announced in September.

The firm sold 290.6 million new ordinary shares at a price of GBP 1.17 apiece, Greencoat UK Wind announced on Wednesday. Both new and existing shareholders took part in the oversubscribed offering.

The fund that invests in UK wind farms will use the proceeds to pay down debt and “take advantage of an attractive pipeline of opportunities,” said chairman Tim Ingram. After paying borrowings under its revolving credit facility, the fund will have outstanding borrowings of GBP 65 million under the revolver and GBP 100 million under its long-term debt agreement.

Greencoat UK has a portfolio of 24 wind farms with a net generating capacity of 617 MW, the combined output of which is enough to meet the electricity demand of over 560,000 households. The fund will look to expand this portfolio with more high quality assets, according to the statement.

Greencoat UK Wind will apply to list the newly-issued stock on the London stock exchange’s main market with effect from October 27.

(GBP 1.0 = USD 1.325/EUR 1.123)

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