Greencoat Renewables is planning to issue up to 250 million shares over 12 months to raise money for wind farm acquisitions in Ireland.
The company initially plans to place 100 million shares prices at €1.01 per share, with the proceeds used to refinance the company's revolving credit facility.
The overall issuance programme requires the approval of Greencoat's shareholders, which is expected to be achieved at a meeting on 1 August.
Greencoat said that Ireland “remains an attractive location for investment in wind assets, with a reliable wind resource and robust regulatory regime”.
It added that the new I-SEM market structure, which will be introduced in October, is “expected to allow the Irish electricity market to be integrated within a pan European market and to allow increasing volumes of renewable electricity to be generated while ensuring all renewable generators are balanced or focused on being balanced”.
The company has a “significant pipeline of opportunities” in excess of 200MW and the share issuance will put it in the “position to capitalise on these opportunities as and when they become available”.
Image: Greencoat Renewables