SSE PLC said Wednesday it has successfully raised approximately 2 billion British Pounds through a sale of new shares to help fund a major expansion of the U.K.'s electricity grid.
The energy company placed nearly 98 million new shares with institutional and retail investors at a price of 2,050 pence per share, a 3.8% premium to the previous day's closing price, according to a company filing.
The new shares represent about 8.8% of SSE's existing ordinary share capital.
The proceeds will be used to fund part of the company's recently announced 33 billion British Pounds five-year investment plan, which will see about 80% of the capital directed towards its regulated electricity networks.
Chief Executive Martin Pibworth said the company appreciated the strong support from its investor base for the plan.
"Our focus now turns to accelerating our investment to help build a cleaner, more secure and more affordable energy system," Pibworth said in a statement.
The company said the new shares are expected to be admitted to trading on the London Stock Exchange on Nov. 14.
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