Greencoat Renewables raises EUR 125m gross in oversubscribed placing

Irish renewable infrastructure company Greencoat Renewables Plc (LON:GRP) said today it has raised EUR 125 million (USD 151m) in gross proceeds from an oversubscribed placing of shares.

Greencoat Renewables will issue about 110.62 million shares at EUR 1.13 apiece, thus raising its total issued share capital to 741.2 million ordinary shares. The placing shares represent some 18% of the company’s current capital, the announcement says.

As previously reported, Greencoat Renewables will use the net proceeds to refinance its revolving credit line and ensure it has the financial flexibility to take advantage of a EUR-500-million-plus pipeline of value accretive acquisition opportunities in Ireland and other European countries.

“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,” commented chairman Ronan Murphy.

The company expects dealings to start in the placing shares on December 10, 2020.

(EUR 1.0 = USD 1.210)

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