Greencoat Renewables raises €165m from oversubscribed placing

Shareholders must back plan to issue new shares at egm

The proceeds will be used to partly pay down the company’s revolving credit facility and to provide the company with the flexibility to execute on assets

The proceeds will be used to partly pay down the company’s revolving credit facility and to provide the company with the flexibility to execute on assets

 

Renewable infrastructure company Greencoat Renewables has raised €165 million from an oversubscribed share placing.

The proceeds will be used to partly pay down the company’s revolving credit facility, which is currently drawn by €115 million, and to provide the company with the flexibility to execute on assets.

The issuing of the shares must be approved by shareholders at a planned egm later this month. If approved, 148,648,649 placing shares will be issued at €1.11 per share. That will increase the total issued share capital of the company to 889,887,587 ordinary shares, with the shares’ admission to the Euronext Dublin and the London Stock Exchange expected to become effective on October 29th.

“I am pleased to announce another successful and oversubscribed placing, and I thank shareholders for their ongoing strong support,” said Rónán Murphy, chairman of Greencoat Renewables.

“The company is well positioned in terms of pipeline, gearing and headroom for acquisitions, and I am very optimistic about our prospects for near- and medium-term growth across Europe. ”

Greencoat said it had multiple attractive near-term investment opportunities under consideration in both wind and solar assets in Ireland and in continental European markets.