Greencoat Renewables announces €100m share placing

Renewable infrastructure company Greencoat Renewables has announced a proposed €100 million placing.

The move is part of the 350 million share issuance programme launched on November 21st 2019, with around 239 million ordinary shares still available for issue. The programme is set to close in the coming weeks.

The price of 88.5 million placing shares at a price of €1.13 per share represents a discount of 4.2 per cent to Wednesday’s closing share price of €1.18 on Euronext Dublin.

The proceeds of the placing will be used to pay down the company's existing revolving credit facility and provide the company with the financial flexibility to capitalise on acquisition opportunities in Ireland and in other target European countries.

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"Our long-term investment strategy is to progressively build a portfolio of renewable energy assets, which deliver strong risk-adjusted returns for shareholders. Today, we are one of the leading investors in on-shore wind in Ireland, with an established presence in Europe, " said non-executive chairman Ronan Murphy. " This capital raise will facilitate a further step forward in building a diversified portfolio of assets which will generate strong returns over the long-term while also supporting the transition to a net zero carbon economy."

Dealings in the placing shares are expected to commence on December 10th.