Greencoat announces plans for €100m raise through share programme
New issuance programme will see 350m shares issued in tranches
Greencoat Renewables is planning a new share issuance programme.
Renewable infrastructure company Greencoat Renewables has announced a 12-month share issuance programme, offering up to 350 million new shares.
The programme will be split across a number of tranches, with the first of 88 million being places at €1.13 per share, raising €100 million for the company.
The share placing programme is intended to give the company greater financial capacity to tap into the secondary market for wind assets in Ireland, while also pursuing opportunities in European markets, where it considering more than €500 million of asset sale processes.
“The secondary wind market in Ireland continues to offer considerable value for Greencoat Renewables. We are very pleased with the progress made, both in acquiring value-accretive generational capacity from a wide range of sellers, and in operating those assets effectively,” said Ronan Murphy, non-executive chairman of Greencoat Renewables. “The pipeline for further acquisitions in Ireland remains strong, and we are evaluating attractive opportunities elsewhere in Europe. ”
The company’s shareholders will have to approve the programme at an extraordinary general meeting on December 16th. If the move is given the go-ahead, Greencoat will have up until December 16th, 2020 to issue the remaining shares in the 350 million placing.