Greencoat Renewables collects EUR 281.5m in oversubscribed placing

Greencoat Renewables Plc (LON:GRP) has raised EUR 281.5 million (USD 312.5m) gross in an oversubscribed placing to help it pursue a pipeline of near-term investment opportunities that it is considering in Ireland and continental European markets.

The renewable infrastructure firm, which is listed in London and Dublin, and managed by Greencoat Capital LLP, will use the net proceeds to execute on assets under exclusivity and committed forward sale investments.

When launching the placing on March 21, the company said it has about 380 MW under exclusivity across a mix of operating and forward sale opportunities in Sweden, France, Spain and a new Northern Europe market.

Greencoat Renewables will issue about 251.4 million shares at EUR 1.12 apiece, using the remaining capacity under its 400-million share issuance programme due to substantial demand, it said on Friday.

“As the transition to renewable energy gathers pace, I am very optimistic about the prospects for the business and look forward to deploying these proceeds to deliver on our ambitious growth strategy,” commented Greencoat Renewables chairman Ronan Murphy.

(EUR 1 = USD 1.110)

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