Greencoat Renewables raises €147.7m from share placing

Share issue was oversubscribed, company says

Photograph: iStock

Photograph: iStock

 

Greencoat Renewables has raised €147.7 million from a placing of 140 millions shares in the company. The placing was increased from 100 million shares on the basis of demand and brings the total issued share capital of the company to 520 million ordinary shares.

The proceeds will be used to pay down the company’s revolving credit facility, which will free up capital for potential acquisitions in Ireland.

Chairman Rónán Murphy said the company was pleased with the response.

“The net proceeds of the placing will enable us to execute further value accretive acquisitions in our pipeline in Ireland where we continue to see an exciting aggregation opportunity in the secondary wind market,” he said.

Dealings are expected to commence on the Euronext Growth and AIM markets in Dublin and London on Friday, March 22nd.

Mr Murphy along with directors Emer Gilvarry and Kevin McNamara subscribed for shares in the placing, as did Bertrand Gautier, who is a partner of the investment manager.