(Alliance News) - Greencoat Renewables PLC on Tuesday said it has raised EUR125 million under a previously announced share placing to refinance a revolving credit facility, which will allow the company to make acquisitions.
Under the placing, Greencoat will issue 110.6 million shares at EUR1.13 per share, increasing the company's total issued share capital to 630.6 million shares. The placing is subject to shareholder approval at the company's general meeting scheduled on Monday next week.
Greencoat Renewables shares were up 3.2% at EUR1.20 each in London on Tuesday afternoon.
The renewable infrastructure company in November launched a share placing to raise EUR100 million to fund wind farm acquisitions and pursue opportunities in European markets.
Ronan Murphy, chair of Greencoat Renewables, said: "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 extraordinary general meeting will be held in Dublin on Monday next week.
By Tapan Panchal; tapanpanchal@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Greencoat Renewables (GRP)