Greencoat UK Wind raises ?375m through share issuance programme

(Sharecast News) - Greencoat UK Wind announced the results of its initial placing and initial offer for subscription on Thursday, under its share issuance programme, which was initially announced on 2 May.The FTSE 250 company confirmed gross issue proceeds of £375m, with 281,954,887 new ordinary shares to be issued, increasing total ordinary shares to 1,516,927,700."We are pleased to announce another successful equity capital raise and are grateful for the continued support from our shareholders," said chairman Tim Ingram."We look forward to continuing to deliver on our proven track record."Stephen Lilley of Greencoat Capital added that in 2019, the company had added two further "high quality" investments to the portfolio, in Stronelairg and Dunmaglass, with a third at Tom nan Clach to follow shortly."This equity capital raise enables UKW to continue to leverage our experience and acquisition expertise to make further attractive investments and provide dependable returns to shareholders."Following the receipt of net issue proceeds and assuming the completion of the investment in Tom nan Clach, Greencoat said it would have £575m of outstanding debt, including £400m of long term debt, equivalent to 23% of gross asset value.