Greencoat raises €111m in oversubscribed share placing
New share issue is first follow-on fundraising for renewables firm since IPO in July 2017
The net proceeds will be used to refinance the firm’s revolving credit facility. Photograph: iStock
Renewable infrastructure firm Greencoat has raised €111 million in a share placing.
The company intended to raise €100 million in the sale, which launched on July 9th. However, it was oversubscribed. Pending shareholder approval, the 110 million new placing shares will be issued at €1.01 per share.
The new shares bring the total issued share capital of the company to 380 million ordinary shares.
The net proceeds will be used to refinance the firm’s revolving credit facility, which will allow it to make acquisitions while keeping total gearing within the target range.
Chairman Rónán Murphy said the company was pleased with the support from new and existing investors. “We look forward to completing the fundraising following our egm next week and continuing to acquire value-accretive wind generation assets in Ireland’s attractive secondary market,” he said.
If approved by the shareholders at a meeting on August 1st, dealings in the shares are expected to begin on August 2nd.
This is the second oversubscribed share placing for the firm, which floated 12 months ago. It raised €270 million in July 2017.