Monday 21 October 2019

Greencoat raises more than €147m in share placing

Windfarms investor Greencoat Renewables has raised €147.7m in an oversubscribed share placing. Stock image
Windfarms investor Greencoat Renewables has raised €147.7m in an oversubscribed share placing. Stock image
Ellie Donnelly

Ellie Donnelly

Windfarms investor Greencoat Renewables has raised €147.7m in an oversubscribed share placing.

In all, 140 million placing shares will be issued at the price of €1.055 per placing share - increasing the issued share capital of the company to 520 million ordinary shares.

The group had intended to issue 100 million new shares, but opted to increase the fundraising due to "substantial excess demand."

The funds will be used to pay down the company's revolving credit facility, freeing up capital to fund further acquisitions in Ireland.

Greencoat chairman Rónán Murphy, as well as directors Emer Gilvarry and Kevin McNamara, subscribed for shares, as did Bertrand Gautier, a partner of the investment manager.

Following the placing Mr Murphy will own 0.03pc of the enlarged issued ordinary share capital of the company.

Ms Gilvarry and Mr McNamara will both own 0.01pc of the capital respectively. Greencoat raised €270m in its 2017 IPO. Shares fell 0.47pc yesterday to €1.065 each.

Indo Business

Also in Business