Greencoat UK Wind plc (LON:UKW) today said it has raised gross proceeds of GBP 100 million (USD 144m/EUR 127m) under the first tranche of its share issuance programme.
"The proceeds will be put to work straight away by paying down our acquisition facility and, in turn, enabling us to take advantage of our pipeline of value-accretive growth opportunities," said chairman Tim Ingram.
The fund, which invests in operating UK wind farms, will issue about 95.2 million shares at GBP 1.05 per share. It announced a programme to issue up to 300 million shares, including the price for the initial fundraising in April.
Once it receives the funds and repays borrowings under its revolving facility, Greencoat will have outstanding debt of GBP 125 million under that facility and GBP 100 million under its long-term facility. This will be equivalent to around 26% of gross asset value.