Irish investor Greencoat Renewables has launched a share issuance programme to raise around €100m to fund wind farm acquisitions.
The listed outfit is issuing 88 million placing shares at a price of €1.13, the first step on a wider strategy to issue a total of 350 million shares over the next 12 months.
The placing shares will be issued through a placing by way of a non pre-emptive issuance to institutional investors.
Proceeds will be used to refinance an existing company revolving credit facility, which is used to fund acquisition of operational projects on the secondary market.
Greencoat is considering over €500m of asset buys in Ireland and European markets, it said.
Non-executive chairman Ronan Murphy said: “The secondary wind market in Ireland continues to offer considerable value for Greencoat Renewables. We are very pleased with the progress made, both in acquiring value-accretive generational capacity from a wide range of sellers, and in operating those assets effectively.
“The pipeline for further acquisitions in Ireland remains strong, and we are evaluating attractive opportunities elsewhere in Europe. We thank our shareholders for their continued support.”
The full 12-month programme will provide the company with the financial flexibility to raise further equity as value-accretive investment opportunities continue to arise and enable the Greencoat to deliver effectively on its stated strategy, according to the board.
Implementation requires the approval of the company’s shareholders at an EGM on 16 December.