Greencoat Renewables raises €125m in share placing
Company plans to use net proceeds to support its strategy
Greencoat Renewables is raising money to tap into the secondary market for wind assets in Ireland and also the European markets.
Greencoat Renewables has raised €125 million in the first tranche of a share placing announced last month.
The oversubscribed placing will see more than 110,000 shares issued at a price of €1.13 per share. Shareholders must approve the placing at an extraordinary general meeting to be held on December 16th.
The company will also apply to Euronext Dublin and to the London Stock Exchange for the placing shares to be admitted to trading on Euronext Growth and AIM markets, and if approved, trading is expected to begin on December 17th. The net proceeds from the share issuance will be used to support the company’s acquisition strategy, refinancing its revolving credit facility.
“The oversubscribed placing demonstrates shareholder confidence in the business and will enable us to deliver on our strategy,” said chairman Rónán Murphy.
Mr Murphy will take on an additional 22,123 new shares, bringing his stake in the company to 0.03 per cent, with directors Emer Gilvarry and Kevin McNamara subscribing for 8,849 new shares each.
Bertrand Gautier, who is a partner at the investment manager, has subscribed for 8,849 new shares, bringing his stake to 77,806 ordinary shares, or 0.01 per cent of the enlarged issued ordinary share capital of the company.
Greencoat last month announced a 12-month share issuance programme, offering up to 350 million new shares. The programme will be split across a number of tranches.
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.