Result of Initial Placing

Greencoat raises gross proceeds of €111 million in oversubscribed placing

Greencoat Renewables PLC is pleased to announce the result of the Initial Placing launched on 9 July 2018.

Highlights of the Initial Placing:

• Gross proceeds of €111 million in an oversubscribed placing;
• 110 million Placing Shares will be issued (conditional on shareholder approval at the EGM to be held on 1 August 2018), at the Placing Price of €1.01 per Placing Share, increasing the total issued share capital of the Company to 380 million Ordinary Shares;
• The Placing Shares to be issued represent approximately 41% 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 43.1% and falling to 19.5% on a pro forma basis for receipt of the net proceeds of the Initial Placing and payment of the Q2 dividend) within the target range.

Rónán Murphy, Chairman of Greencoat Renewables, commented:

We are very pleased with the support from new and existing investors in our first follow-on fundraising since our oversubscribed IPO 12 months ago. We look forward to completing the fundraising following our EGM next week and continuing to acquire value-accretive wind generation assets in Ireland's attractive secondary market.

The Initial Placing is conditional on, inter alia, shareholder approval at the EGM to be held on 1 August 2018. The EGM will be held at Davy House, 49 Dawson Street, Dublin 2, Ireland on 1 August 2018 at 9.00 a.m. Further details are set out in the Circular which was sent to Shareholders on 9 July 2018 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 ESM 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 2 August 2018.