Greencoat Renewables has raised gross proceeds of €165m in an oversubscribed placing.
The company said 148,648,649 placing shares will be issued at the placing price of €1.11 per placing share, increasing the total issued share capital of the company to 889,887,587 ordinary shares.
Net proceeds will be used to partly pay down Greencoat’s revolving credit facility, which is drawn by €115m, provide the company with the flexibility to execute on assets under exclusivity, provide optionality around the assets at advanced stages of negotiation, and meet obligations under committed forward sale investments, while maintaining gearing.
Greencoat said it has multiple attractive near-term investment opportunities under consideration in both wind and solar assets in Ireland and continental European markets with 300MW under exclusivity across a mix of operating and forward sale opportunities located in Ireland, the Nordics and Spain, as well as over 350MW of other pipeline opportunities.
Greencoat Renewables chairman Ronan Murphy said: “I am pleased to announce another successful and oversubscribed placing, and I thank shareholders for their ongoing strong support.
“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.”