Proposed Placing

Greencoat Renewables, the renewable infrastructure company, invested in euro-denominated assets, is pleased to announce its intention to issue approximately 100 million new ordinary shares in the capital of the Company under the 250 million Share Issuance Programme launched on 9 July 2018, of which a balance of 140 million ordinary shares remains available for issue.

The shares will be issued through a Placing by way of a non pre-emptive issuance to institutional investors pursuant to the terms and conditions set out in the Appendix to this announcement.

In line with strategy, the proceeds of the Placing will be used to pay down the Company's existing Revolving Credit Facility, freeing up capital to take advantage of further value accretive acquisition opportunities in Ireland. 

The secondary wind market in Ireland remains very active, with the company involved in a number of attractive processes totalling more than 250MW in aggregate capacity. This includes the potential acquisition of a high-quality operating asset already under exclusivity, with a headline enterprise value of €76m and an expected close at the end of March 2019.

Ronan Murphy, Non-Executive Chairman of Greencoat Renewables, said:

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. We will continue to exercise price discipline in our acquisitions, only buying value-accretive assets that deliver value to shareholders and diversify the portfolio.