Greencoat Renewables to raise cash for acquisitions

Renewable infrastructure company Greencoat Renewables will raise capital with a share placing to pursue mergers and acquisitions.

The shares will have a placing price of €1.12 under its existing 400 million share issuance programme launched in October. The price represents a discount of 6.7 per cent to the closing price per ordinary share of €1.20 on Euronext Dublin on March 18th.

It represents a premium of 6.6 per cent to the last reported net asset value of 105.1 cent per ordinary share as at December 31st.

The company said it has “multiple attractive near-term investment opportunities under consideration in Ireland and continental European markets”.

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“Proceeds from the placing will provide the company with the flexibility to execute on assets under exclusivity and meet obligations under committed forward-sale investments, all while maintaining gearing (currently 43 per cent) within the company’s target range of 40-60 per cent,” it said.

Ronan Murphy, non-executive chairman of Greencoat Renewables, said: “The growth and strategic diversification we have achieved in the business reflects our market-leading position in the Irish market and our strong relationships and expanding footprint across continental Europe.

“Since the launch of the current share issuance programme, we have acquired our first asset in Sweden and agreed our first forward-sale transaction in Spain.

“We would like to thank our shareholders for their continued support, as we consistently deliver stable returns and support Europe’s transition to a low-carbon economy.”