(Alliance News) - Greencoat Renewables PLC said Thursday it has launched an initial placing of EUR100 million to fund wind farm acquisitions and pursue opportunities in targeted European markets.
The renewable infrastructure company said it is issuing 88 million placing shares at a price of EUR1.13 each as a first tranche of a total 350 million shares over a 12-month share issuance programme.
Greencoat Renewables shares were up 0.4% in London at EUR1.16 pence each on Friday.
The proceeds of the initial placing will be used to refinance the company's revolving credit facility, allowing the company to make acquisition in the secondary wind market, which "remains very attractive", Greencoat Renewables said.
The company said it currently is considering over EUR500.0 million of asset sale processes in Ireland and European markets.
"Ronan Murphy, non-executive chair, said: "The pipeline for further acquisitions in Ireland remains strong, and we are evaluating attractive opportunities elsewhere in Europe."
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Greencoat Renewables (GRP)