Greencoat Renewables raises €125m in share placing
Net proceeds give company flexibility to take advantage of acquisition opportunities
Renewable infrastructure company Greencoat Renewables has raised €125 million in an oversubscribed placing.
The company said 110,619,469 placing shares will be issued at €1.13 per share, representing approximately 18 per cent of the company’s existing issued ordinary share capital.
The net proceeds will be used to refinance the company’s revolving credit facility and give it the flexibility to take advantage of a €500 million pipeline of acquisition opportunities in Ireland and in other target European countries.
“Across Europe, we see a considerable pipeline of potential investments, with specific interest in Greencoat Renewables as a counterparty, reflecting our deep sector relationships and track record for execution,” said Rónán Murphy, chairman of Greencoat Renewables. “In combination with our recently announced term debt facility, this placing gives us the ability to pursue a range of value accretive opportunities and continue to build a high-quality portfolio of assets with long-term, contracted revenues.”
The company will apply to Euronext Dublin and to the London Stock Exchange for the placing shares to be admitted to trading on Euronext Growth and AIM respectively.
Dealings in the shares are expected to commence trading on December 10th.