Result of Capital Raise
 
Greencoat UK Wind plc (the "Company" or "UKW"), the leading listed renewable infrastructure fund, invested in operating UK wind farms, today announces the result of the Initial Issue of the Share Issuance Programme as announced on 28 September 2017.
 
Highlights
 

• Gross Issue Proceeds of £340 million
• 290,598,295 New Ordinary Shares, at an issue price of 117 pence per share, will be issued, increasing total Ordinary Shares to 1,028,215,854.

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

We are delighted to announce another successful and materially oversubscribed equity capital raise and appreciate the strong support of both existing and new shareholders. The proceeds will be used to pay down the Company's acquisition facility and, in turn, enable UK Wind to continue to take advantage of an attractive pipeline of opportunities.
 
Stephen Lilley of Greencoat Capital added:

The Company has had a very successful year for growing the portfolio of wind farm assets and providing growing returns to shareholders. Our portfolio today stands at 24 assets, which combined, provide sufficient electricity to power over 560,000 homes. The secondary market remains busy and we will continue to look to leverage our insight and execution expertise to acquire further high quality assets.
 
Following the receipt of Net Issue Proceeds and subsequent repayment of borrowings under its Revolving Facility Agreement, UKW will have outstanding borrowings of £65 million under that agreement and £100 million under its Long Term Facility Agreement, equivalent to c.13% of Gross Asset Value.
 
Application will be made for the 290,598,295 New Ordinary Shares to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities with effect from 8.00 a.m. on 27 October 2017.