Greencoat Renewables has raised €125m from an oversubscribed share placing that will be used to finance new project acquisitions.
Net proceeds will be used to refinance the company’s revolving credit facility as well as 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”, Greencoat Renewables stated.
Greencoat Renewables chairman Ronan Murphy said: “My thanks to our shareholders for their continued strong support, which has enabled us to achieve another oversubscribed placing.
“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.
“In combination with our 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.”
The placing shares to be issued represent approximately 18% of the company’s existing issued ordinary share capital prior to the placing.