Greencoat Renewables is pleased to announce the result of the Initial Placing launched on 21 November 2019.

Highlights of the Initial Placing:

• Gross proceeds of €125 million in a materially oversubscribed placing;

• 110,619,469 Placing Shares will be issued (conditional on shareholder approval at the EGM to be held on 16 December 2019), at the Placing Price of €1.13 per Placing Share, increasing the total issued share capital of the Company to 630,619,469 Ordinary Shares;

• The Placing Shares to be issued represent approximately 21% of the Company's existing issued Ordinary Share capital prior to the Initial Placing; and

• Net proceeds will be used, in line with the Company's strategy, to refinance the Company's Revolving Credit Facility, allowing the Company to make acquisitions whilst maintaining total gearing (currently 48% and falling to 36% on a pro forma basis for receipt of the net proceeds of the Initial Placing) within the target range.

Rónán Murphy, Chairman of Greencoat Renewables, commented:

I would like to take this opportunity to thank our shareholders for their continued support. The oversubscribed placing demonstrates their confidence in the business and will enable us to deliver on our strategy. We look forward to completing the fundraising at our EGM on 16th December and continuing to add value for our shareholders through the acquisition of value-accretive assets in Ireland and our target European countries.

The Initial Placing is conditional on, inter alia, shareholder approval at the EGM to be held on 16 December 2019. The EGM will be held at Davy House, 49 Dawson Street, Dublin 2, Ireland on 16 December 2019 at 10.00 a.m. Further details are set out in the Circular which was sent to Shareholders on 21 November 2019 and is available on the Company's website.

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 17 December 2019.

Rónán Murphy, who is a Director, has subscribed for 22,123 New Shares, so that following completion of the Initial Placing, he will hold 170,571 Ordinary Shares representing c.0.03% of the enlarged issued Ordinary Share capital of the Company.

Emer Gilvarry, who is a Director, has subscribed for 8,849 New Shares, so that following completion of the Initial Placing, she will hold 67,832 Ordinary Shares, representing c.0.01% of the enlarged issued Ordinary Share capital of the Company.

Kevin McNamara, who is a Director, has subscribed for 8,849 New Shares, so that following completion of the Initial Placing, he will hold 68,327 Ordinary Shares, representing c.0.01% of the enlarged issued Ordinary Share capital of the Company.

Bertrand Gautier, who is a Partner at the Investment Manager, has subscribed for 8,849 New Shares, so that following completion of the Initial Placing, he will hold 77,806 Ordinary Shares, representing c.0.01% of the enlarged issued Ordinary Share capital of the Company.