(Alliance News) - Greencoat UK Wind PLC on Wednesday said it has raised GBP198 million through the placing of 150.9 million shares at 131 pence each.
Shares in the FTSE 250-listed renewable energy company were trading 0.5% lower at 131.10p each on Wednesday morning in London, giving it a market capitalisation of GBP2.39 billion.
Greencoat said the proceeds of the placing - which was announced last week Friday - will be used to repay or reduce borrowings under its revolving credit facility and allow the company to fund its pipeline of acquisition opportunities. This includes an acquisition in the near term and GBP162 million of previously announced committed acquisitions over the next 12 months.
"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," said Chair Shonaid Jemmett-Page.
Following admission of the new shares, Greencoat will have 2.0 billion shares in issue.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Greencoat UK Wind (UKW)