By Susanna Moon
Chicago, July 20 – Greencoat Renewables plc said it issued €270 million of common shares “following heavy demand during the book-building process.”
Greencoat sold 270 million common shares at an issue price of €1.00 per share, according to a company announcement.
When the company’s stock is admitted for trading, Greencoat Renewables will be the first renewable energy infrastructure company to list on the Irish Stock Exchange, and the first euro-denominated renewable infrastructure company to list on the London Stock Exchange, the company said.
“The significant oversubscription means a total capital raise of €270 million, which underlines the strength of our investment case,” Ronan Murphy, non-executive chairman of Greencoat Renewables, said in the company’s press release. “We are very pleased to welcome our new institutional shareholders to the register alongside the Ireland Strategic Investment Fund and AIB.”
Added Bertrand Gautier, partner of Greencoat Capital LLP, the investment manager: “The capital raised will allow the company to pursue its investment policy and grow a euro-denominated renewable energy business of scale, focusing initially on the Irish onshore wind market.”
Greencoat is a Dublin-based company owns and invests in wind farms.
| Issuer: | Greencoat Renewables plc
|
| Issue: | Common shares
|
| Amount: | €270 million
|
| Shares: | 270 million
|
| Price: | €1.00 per share
|
| Announcement date: | July 20
|
| Listing: | Stock (London: GRP) to begin trading July 25
|
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