Greencoat Renewables raises €147.7m in oversubscribed placing
Dublin-listed 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 total issued share capital of the company to 520 million ordinary shares.
The group had previously intended to issue 100 million shares, however it increased the figure due to "substantial excess demand."
The funds will be used to pay down the company’s existing revolving credit facility, freeing up capital to fund further acquisitions in Ireland.
The group said the secondary wind market in Ireland remains “very active”, with the company involved in a number of attractive processes totalling more than 250MW in aggregate capacity.
This includes the potential acquisition of a high-quality operating asset already under exclusivity, with a headline enterprise value of €76m. The deal is expected close at the end of March 2019, the group added.
Rónán Murphy, chairman of Greencoat Renewables, said: “We are delighted with the response from both existing and new shareholders to the placing.”
“Due to demand substantially in excess of 100 million shares, we have agreed to upsize the placing to 140 million shares and conclude the share issuance programme launched in July 2018. The net proceeds of the placing will enable us to execute further value accretive acquisitions.”