Greencoat UK Wind announces issuance of 500 new shares

Greencoat UK Wind plc has announced a new programme of share issuance to be conducted over the next 12 months through a number of tranches. 

The proceeds of the Share Issuance Programme of up to 500 million new shares will be used to pay down the Company's Facility Agreement enabling the Company to pursue further attractive investment opportunities.

Under the Share Issuance Programme, UKW will issue new ordinary shares by way of an initial placing and initial offer for subscription. The prospectus relating to the Share Issuance Programme is expected to be published in the week commencing 2 October 2017, with the final size of the Initial Issue to be announced on 20 October 2017.

Tim Ingram, Chairman of Greencoat UK Wind, said:

"Our disciplined approach to making acquisitions has delivered significant value-accretive growth for the Company over the past year. The programme of capital raises announced today will enable the Company to pay down debt and continue to take advantage of the significant pool of assets currently available in the UK wind farm secondary market. Having grown the Company to the size it is today, we are better placed than ever to capitalise on the strong pipeline of investment opportunities available to us further to enhance returns for our shareholders."

Following the acquisition of Langhope Rig, Bishopthorpe, North Hoyle, Slieve Divena and Corriegarth wind farms and further investment in the Clyde wind farms during 2017, UKW has outstanding borrowings of £400 million under its Facility Agreement (£100 million Term Loan and £300 million Revolving Facility) and £100 million under its Long Term Facility Agreement, equivalent to 38% of Gross Asset Value (total gearing limited to 40%).