The proceeds will be primarily used to cut total borrowings to roughly 21% of gross asset value
The UK wind farm investor’s placing and initial offer for subscription will see 305.34mln shares issues in what was said to have been an oversubscribed capital raise.
Proceeds will be primarily applied to prepay the FTSE 250 company’s debt, resulting in total borrowings being cut to £600mln, equivalent to roughly 21% of gross asset value.
Shonaid Jemmett-Page, chairman of the trust, said: “Our simple, low risk model continues to deliver and we look forward to maintaining our track record of dependable returns to shareholders.”
Stephen Lilley, of the investment manager Greencoat Capital, added: “Following our investment in Walney, a large scale and high load factor offshore wind farm, this equity capital raise will enable UKW to reduce gearing and continue to capitalise on the strong pipeline of attractive investments in the UK wind farm market.”
Read More: Greencoat UK Wind PLC raises £400mln in share issue to trim debt