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Greencoat Renewables raises €281.5 million in oversubscribed placing

Greencoat Renewables (GRP) has announced that its placing, which was launched on 21 March 2022, was oversubscribed and has raised gross proceeds of €281.5m. Due to substantial demand, 251,351,351 placing shares will be issued at the placing price of €1.12 per share. This will utilise the remaining capacity of GRP’s 400m share issuance programme. The placing shares to be issued represent approximately 28% of GRP’s issued ordinary share capital, prior to the placing. Following the issue, GRP’s total issued share capital will comprise 1,141,238,938 ordinary shares. It is expected that settlement of the placing shares will occur, admission will become effective and that dealings will commence in the placing shares at 8.00 a.m. on 5 April 2022.

GRP says that it “has multiple attractive near-term investment opportunities under consideration in Ireland and continental European markets” and that the net proceeds will be used to execute on assets under exclusivity and meet obligations under committed forward sale investments, while maintaining gearing within the Company’s target range of 40-60%.

Comments from Rónán Murphy, chairman of Greencoat Renewables

“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.

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.”

GRP Directors and employees of the manager have participated

  • Rónán Murphy, who is a Director, has subscribed for 17,500 Placing Shares, so that following completion of the Placing, he will hold 235,194 Ordinary Shares representing c.0.02% of the enlarged issued Ordinary Share capital of the Company.
  • Marco Graziano, who is a Director, has subscribed for 25,000 Placing Shares, so that following completion of the Placing, he will hold 90,000 Ordinary Shares, representing c.0.01% of the enlarged issued Ordinary Share capital of the Company.
  • Bertrand Gautier, who is a Partner of Greencoat Capital LLP, has subscribed for 89,285 Placing Shares, so that following completion of the Placing, he will hold 167,091 Ordinary Shares, representing c.0.01% of the enlarged issued Ordinary Share capital of the Company.

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