Greencoat UK Wind Share News (UKW)

(Sharecast News) - Greencoat UK Wind on Thursday said it was raising £665m in order to pay down debt and fund the expansion of its portfolio of UK-based renewable energy projects.Greencoat said it would issue up to 500m new ordinary shares over the next 12 months at 133p, a 6% discount to Wednesday's 142p close and a premium of 9.5% to the last reported NAV of 121.47p at 31 March."Following our investment in the high quality Stronelairg and Dunmaglass wind farms, and the imminent purchase of the Tom nan Clach wind farm, the share issuance programme launched today will enable the company to pay down debt and continue to capitalise on the strong pipeline of acquisition opportunities in the UK wind farm secondary market," said chairman Tim Ingram.The Stronelairg and Dunmaglass wind farm investments have pushed Greencoat's debt up to £794m, or 34% of gross asset value."Given the size and scale the company has attained over recent years, UKW is well placed to make value-accretive acquisitions and further enhance returns for our shareholders," said Ingram.Greencoat UK Wind's shares were down 2.46% at 138.50p at 0951 BST.