March 20 (Renewables Now) - Irish wind investor Greencoat Renewables Plc (LON:GRP) has raises EUR 147.7 million (USD 168m) gross in an oversubscribed share issuance.
In early March the company said it planned to 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. Due to significant demand from both existing and new shareholders, the placing has been upsized to 140 million shares. Thus, Greencoat concludes the Share Issuance Programme launched in July 2018.
Last year, the firm 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 March for the purchase of “a high-quality operating asset” with a headline enterprise value of EUR 76 million.
Trading in the new shares on the Euronext Dublin and the London Stock Exchange is to commence on March 22.
(EUR 1 = USD 1.14)