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Greencoat to back wind buys in Ireland with share sale

Wind turbines in Ireland. Photo by: Greencoat Renewables (www.greencoat-capital.com).

March 4 (Renewables Now) - Irish wind investor Greencoat Renewables Plc (LON:GRP) today said it will issue 100 million new shares at EUR 1.055 apiece to pay down its existing revolver and free up capital for further acquisitions in Ireland.

Also today the company reported results for 2018, including a higher net asset value (NAV) at EUR 392.8 million (USD 446.5m) and increased dividend.

Last year, Greencoat bought 10 wind parks lifting its net generating capacity to 384 MW from 137 MW previously. It is involved currently in “a number of attractive processes” for over 250 MW of additional capacity in Ireland. This includes a deal expected to close at the end of the current month for the purchase of “a high-quality operating asset” with a headline enterprise value of EUR 76 million.

“Following our oversubscribed issuance in 2018 and given the continued aggregation opportunity that the Company sees in Ireland, we are pleased to announce a further placing in line with our growth strategy,” said non-executive chairman Ronan Murphy.

The placing price of EUR 1.055 represents a discount of 3.2% to Greencoat Renewables’ share price on March 1, 2019 and a premium of 2.0% to the NAV of EUR 1.034 per share as at the end of 2018.

Joint bookrunners J&E Davy and RBC Europe Ltd will today commence the Bookbuild process for the share placing. Closing is expected at noon on March 19, but it may happen earlier or later, Greencoat Renewables noted. Trading in the new shares on the Euronext Dublin and the London Stock Exchange is expected to commence on March 22.

The table below contains details on the company’s peformance in 2018.

Results in EUR million As at 31 December 2018 As at 31 December 2017
Market capitalisation 391.4 288.9
Dividends for the year 19.5 7.1
Dividends for the year per share (in euro) 0.06 0.0261
Gross asset value (GAV) 883.5 332.1
NAV 392.8 260.9
NAV per share (in euro) 1.034 0.966

Greencoat Renewables aims to pay a dividend per share of EUR 0.0603 for 2019.

(EUR 1 = USD 1.14)

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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