Wind farm operator Greencoat Renewables raises €165m to fund expansion

Company said it currently had 'multiple attractive near-term investment opportunities under consideration'

Greencoat owns a number of onshore wind farms in Ireland and began expanding into mainland Europe last year. File picture

Irish wind farm operator Greencoat Renewables has raised gross proceeds of €165m from an oversubscribed share placing, which will help fund its further expansion.

Greencoat owns a number of onshore wind farms in Ireland and began expanding into mainland Europe last year. An acquisition in France in 2020 was followed up, earlier this year, with a wind farm purchase in Finland.

The company said the net proceeds from the share sale will partly be used to pay down its revolving credit facility, which is currently drawn by €115m.

But, Greencoat also said the money will provide the “flexibility to execute on assets under exclusivity”.

It said it currently had “multiple attractive near-term investment opportunities under consideration”.

These span both wind and solar assets in Ireland and continental Europe. It said its main acquisition focus covers Ireland, the Nordic region and Spain.

"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,” said Greencoat chairman Rónán Murphy.

Greencoat had previously said it had considered “a number of solar opportunities” so far this year.