Greencoat Renewables is pleased to announce the result of the Placing launched on 26 November 2020.

Highlights of the Placing:

• Gross proceeds of €125 million in an oversubscribed placing;
• 110,619,469 Placing Shares will be issued at the Placing Price of €1.13 per Placing Share, increasing the total issued share capital of the Company to 741,238,938 Ordinary Shares;
• The Placing Shares to be issued represent approximately 18% of the Company's existing issued Ordinary Share capital prior to the Placing; and
• Net proceeds will be used, in line with the Company's strategy, to refinance the Company's Revolving Credit Facility and provide financial flexibility to take advantage of a pipeline in excess of €500m in value accretive acquisition opportunities in Ireland and in other target European countries.

Rónán Murphy, Chairman of Greencoat Renewables, commented:

My thanks to our shareholders for their continued strong support, which has enabled us to achieve another oversubscribed placing. Across Europe, we see a considerable pipeline of potential investments, with specific interest in Greencoat Renewables as a counterparty, reflecting our deep sector relationships and track record for execution.

In combination with our recently announced term debt facility, this placing gives us the ability to pursue a range of value accretive opportunities and continue to build a high-quality portfolio of assets with long-term, contracted revenues.

The Company will apply to Euronext Dublin and to the London Stock Exchange for the Placing Shares to be admitted to trading on Euronext Growth and AIM respectively. 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 10 December 2020.

Rónán Murphy, who is a Director, has subscribed for 22,123 Placing Shares, so that following completion of the Placing, he will hold 192,694 Ordinary Shares representing c.0.03% of the enlarged issued Ordinary Share capital of the Company.

Marco Graziano, who is a Director, has subscribed for 65,000 Placing Shares, so that following completion of the Placing, he will hold 65,000 Ordinary Shares, representing c.0.01% of the enlarged issued Ordinary Share capital of the Company.

Capitalised terms not defined in this Announcement shall have the meaning given to them in the announcement made by the Company at 7.00 a.m. on 26 November 2020.