Greencoat Renewables raises €125m in oversubscribed share placing

Net proceeds will be used to refinance the company's revolving credit facility and take advantage of acquisition opportunities

Ronan Murphy, Chairman of Greencoat Renewables Plc. (left) with Bertand Gautier and Paul O’Donnell, Partners of Greencoat Capital, Investment Manager (right) pictured outside at the Irish Stock Exchange. Picture: Robbie Reynolds

Irish renewable infrastructure company Greencoat Renewables has raised €125m in an oversubscribed share placing.

The placing shares to be issued represent approximately 18% of the Company’s existing issued ordinary share capital prior to the placing.

In a statement, the company said it will apply to Euronext Dublin and to the London Stock Exchange for the placing shares to be admitted to trading on Euronext Growth and AIM respectively, with trading of these shares expected to begin on December 10.

A total of 110,619,469 placing shares will be issued at €1.13 per share, with net proceeds used to refinance the company's revolving credit facility and provide financial flexibility to take advantage of a pipeline in excess of €500m in value accretive acquisition opportunities in Ireland and in other target European countries.

The group’s director, Rónán Murphy, said in combination with Greencoat Renewables recently announced term debt facility, “this placing gives us the ability to pursue a range of value accretive opportunities and continue to build a high-quality portfolio of assets with long-term, contracted revenues.” 

“Across Europe, we see a considerable pipeline of potential investments, with specific interest in Greencoat Renewables as a counterparty, reflecting our deep sector relationships and track record for execution,” he said.