Greencoat UK Wind today announces the result of the Initial Placing and Initial Offer for Subscription under its Share Issuance Programme, as announced on 2 May 2019.

Highlights

• Gross Issue Proceeds of £375 million.
• 281,954,887 New Ordinary Shares will be issued, increasing total Ordinary Shares to 1,516,927,700.

Commenting on the announcement, Tim Ingram, Chairman of UKW, said:

We are pleased to announce another successful equity capital raise and are grateful for the continued support from our shareholders. We look forward to continuing to deliver on our proven track record.

Stephen Lilley of Greencoat Capital added:

In 2019, we have added two further high quality investments to the portfolio, in Stronelairg and Dunmaglass, with a third, 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, UKW will have £575 million of outstanding debt (including £400 million of long term debt), equivalent to 23% of Gross Asset Value.