Infrastructure company Greencoat Renewables has raised €281.5 million in an oversubscribed share placing.
It said on Friday that 251.3 million shares will be issued at a price of €1.12 per share, utilising the company’s remaining capacity under a 400 million authorised share issuance programme due to substantial demand.
The new shares represent approximately 28 per cent of the company’s existing issued ordinary share capital prior to the placing.
The company said it has multiple attractive near-term investment opportunities under consideration in Ireland and continental European markets. Net proceeds will be used to provide the company with “the flexibility to execute on assets under exclusivity and meet obligations under committed forward sale investments, all while maintaining gearing within the company’s target range of 40-60 per cent”.
“I am very pleased with the oversubscribed placing, reflecting shareholder confidence as we continue to build one of the leading European renewable energy infrastructure companies,” Rónán Murphy, chairman of Greencoat Renewables, said.
“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.”
The company has made applications to Euronext Dublin and to the London Stock Exchange for the shares to be admitted to trading on Euronext Growth and AIM respectively.
It is expected that settlement of the shares will occur, admission will become effective, and that dealings will commence at 8am on Tuesday.
