17 December 2019
McCann FitzGerald advises Greencoat Renewables PLC on €125m share placing
We advised Greencoat Renewables on its €125 million share placing, which completed today.
The initial placing (comprising the issue of approximately 111 million new ordinary shares) is the first tranche of a 12 month share issuance programme for up to 350 million new ordinary shares. The share issuance programme was approved by shareholders at a specially convened EGM yesterday. The net proceeds of the initial placing will be used to refinance the company’s revolving credit facility, which will allow it to make acquisitions while keeping total gearing within the target range.
McCann FitzGerald previously advised Greencoat Renewables on its initial public offering in 2017, share placings in July 2018 and March 2019, its entry into a revolving credit facility and on the acquisitions of several wind farms, including most recently those at Gortnahile, Beam Hill and Killala.