Greencoat UK Wind announces the result of its capital raise
Greencoat UK Wind announces the result of its capital raise – Greencoat UK Wind (UKW) has announced that it has raised its target of £118.8m from a capital raise announced on 8th May 2018.
The proceeds of the raising, which was oversubscribed, will be used to complete the purchase of the company’s further shareholding in Clyde Wind Farms on 30 May 2018. To see more details of this story click here.
Following the receipt of “net issue proceeds” (after all costs and expenses are deducted from the gross proceeds of the raise) and completion of the Clyde shareholding acquisition, Greencoat UK Wind will have outstanding borrowings of £245m under its revolving credit facility and £150m under its long term facility, equivalent to c.23% of the gross asset value of the company.
More on Greencoat UK Wind:
Greencoat UK Wind invests in operating UK wind farms to provide shareholders with a sustainable and transparent income stream through an annual dividend on the issue price of 100p. Given the nature of the company’s income streams, the board intends to increase the dividend in line with retail price index (RPI) inflation. The company also aims to preserve capital on a real basis by reinvesting excess cashflow in additional operating UK wind farms and through prudent use of portfolio leverage. Greencoat UK Wind will invest in wind farm projects predominantly with a capacity of over 10 Megawatts. The substantial majority of the portfolio will be operating UK wind farm projects.