Greencoat Renewables raises €125m in oversubscribed share placing

8 Dec 2020

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Renewable infrastructure investor Greencoat Renewables has raised €125m in an oversubscribed share placing.

Greencoat Renewables said it will apply to Euronext Dublin and the London Stock Exchange for its oversubscribed share placing to be admitting for trading. The Irish renewable infrastructure investor has raised €125m in a share placing, which was €25m more than its original objective.

The company said the placing shares to be issued represent approximately 18pc of its existing issued ordinary share capital prior to the placing. Trading of these shares is expected to commence on 10 December.

Net proceeds will now be used to refinance the company’s revolving credit facility to take advantage of more than €500m worth of acquisition opportunities in Ireland and other target European countries.

“My thanks to our shareholders for their continued strong support, which has enabled us to achieve another oversubscribed placing,” said Rónán Murphy, chair of Greencoat Renewables.

“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.”

Onshore investment

Speaking to the Irish Independent last week, Gerry Hennigan of Goodbody gave insight into what this latest funding could help the company achieve.

“The additional funding will clearly enable Greencoat Renewables to further consolidate its position in the onshore renewable market in Ireland and expand into Europe following the acquisition of three windfarms in France in March and securing approval to add Denmark, Norway and Sweden to the list of jurisdictions the group can invest in,” he said.

Greencoat Renewables made headlines in November 2019 when it announced it had paid €37.2m for a windfarm in Killala, Co Mayo. The site’s five 3.4MW turbines have been operational since 2018, with another turbine under construction that was set to bring its total capacity to 20.4MW by the end of this year.

Colm Gorey was a senior journalist with Silicon Republic