Greencoat Renewables has raised over €147m through a recent share placing to be used to pay down an existing revolving credit facility and free up capital to acquire more renewable energy projects in Ireland.
A total of 140 million shares were issued at a price of €1.055 per share.
Greencoat Renewables said the secondary wind market in Ireland remains “very active” and the company is involved in a number of “attractive processes totalling more than 250MW in aggregate capacity”.
It expects to close a deal at the end of the month on a “high-quality operating asset already under exclusivity, with a headline enterprise value of €76m”.
Greencoat Renewables chairman Ronan Murphy 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 in our pipeline in Ireland where we continue to see an exciting aggregation opportunity in the secondary wind market.”