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Greencoat UK Wind raises £375M from subscription offering

Greencoat UK Wind PLC raised £375 million in gross proceeds from the initial placing and offer for subscription under its share issuance program.

The company will issue 281,954,887 new ordinary shares, increasing the total to 1,516,927,700 shares, according to a May 30 news release.

"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," said Stephen Lilley of Greencoat Capital.

The company will have £575 million of outstanding debt, equivalent to 23% of gross asset value, following receipt of net issue proceeds and assuming completion of its acquisition of Belltown Power Ltd.'s 75% stake in the Tom nan Clach wind farm in Scotland.