Greencoat UK Wind has raised £340m from a share issuance programme to pay down an acquisition facility and fund new investments.

A total of 290,598,295 new ordinary shares were issued at a price of £1.17 pence per share.

Greencoat said that following acquisition of the net proceeds it continues to have outstanding borrowing of £65m from a revolving facility agreement and £100m in a long-term facility agreement.

Greancoat UK Wind chairman Tim Ingram said: “We are delighted to announce another successful and materially oversubscribed equity capital raise and appreciate the strong support of both existing and new shareholders. 

“The proceeds will be used to pay down the company's acquisition facility and, in turn, enable UK Wind to continue to take advantage of an attractive pipeline of opportunities.”

The investor said it currently has 24 assets in its portfolio.

Image: Greencoat