Renewable

October 19 (Renewables Now) - Dublin-based Greencoat Renewables PLC (LON:GRP) on Tuesday said it has raised EUR 165 million (USD 191.5m) of gross proceeds in an oversubscribed placing.

The renewable infrastructure company, managed by Greencoat Capital LLP, launched the initial placing under a 12-month share issuance programme in early October to pursue a pipeline of wind and solar investment opportunities in Ireland and continental Europe. The company, which initially focused on acquiring operating wind farms in Ireland, has around 300 MW under exclusivity in Ireland, the Nordics and Spain, as well as more than 350 MW of other pipeline opportunities.

Subject to shareholder approval, Greencoat Renewables will issue about 148.6 million shares at the placing price of EUR 1.11 per share, which represents around 20% of its share capital before the placing.

“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," said Greencoat Renewables chairman Ronan Murphy.

The issue proceeds will be applied to partly pay down the company’s revolving credit facility, currently drawn by EUR 115 million. The funds will also provide flexibility for the company to execute on assets under exclusivity and optionality around the assets at advanced stages of negotiation. In addition, they will be used to meet obligations under committed forward sale investments.

(EUR 1 = USD 1.160)