Launch of Initial Placing of approximately €100 million to finance continued attractive M&A opportunities

Notice of EGM to Approve Share Issuance Programme

Greencoat Renewables is pleased to announce a 12 month Share Issuance Programme of up to 350 million New Shares in the capital of the Company in a number of tranches, to provide the Company with greater financial capacity to continue to take advantage of an active secondary market for wind assets in Ireland and to pursue identified opportunities in targeted European markets.

The Company intends to issue approximately 88 million Placing Shares at a price of €1.13 per Placing Share pursuant to the first tranche of the Share Issuance Programme, being the Initial Placing, which is being launched today.

The Placing 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 Initial Placing will be used to refinance the Company's Revolving Credit Facility, allowing the Company to make acquisitions while maintaining total gearing (currently 47%) within the target range.

The 12-month Share Issuance Programme will, the Board believes, provide the Company with the financial flexibility to raise further equity as value-accretive investment opportunities continue to arise and enable the Company to deliver effectively on its stated strategy.

The secondary wind market remains very active, and the Company is currently considering over €500m of asset sale processes in Ireland and targeted European markets.

Implementation of the Share Issuance Programme requires the approval of the Company's shareholders at the Extraordinary General Meeting (EGM) to be held on 16 December 2019. The Board believes that the Share Issuance Programme is in the best interests of shareholders as a whole and unanimously recommends that Shareholders vote in favour of the resolutions in respect of the Share Issuance Programme and related matters at the EGM. The Directors intend to vote in favour of the resolutions in respect of their own beneficial holdings of Ordinary Shares which amount in aggregate to 266,909 Ordinary Shares, constituting 0.05% of the issued Ordinary Share capital.

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

The secondary wind market in Ireland continues to offer considerable value for Greencoat Renewables. We are very pleased with the progress made, both in acquiring value-accretive generational capacity from a wide range of sellers, and in operating those assets effectively. The pipeline for further acquisitions in Ireland remains strong, and we are evaluating attractive opportunities elsewhere in Europe. We thank our shareholders for their continued support.