Renewable energy investor Greencoat Renewables has announced a placing of new shares which will raise about €100m for the company.

Greencoat Renewables said it intends to place about 88.5 million shares as part of its 350 million share issuance programme launched last November 2019. 

The company said the proceeds of the placing will be used to pay down its existing Revolving Credit Facility.

It will also provide financial flexibility to take advantage of a pipeline of more than €500m in value accretive acquisition opportunities in Ireland and in other target European countries.

Ronan Murphy, the non-executive chairman of Greencoat Renewables, said the company's long-term investment strategy is to progressively build a portfolio of renewable energy
assets, which deliver strong risk-adjusted returns for shareholders. 

Mr Murphy said the company is one of the leading investors in on-shore wind in Ireland, with an established presence in Europe. 

"This capital raise will facilitate a further step forward in building a diversified portfolio of assets which will generate strong returns over the long-term while also supporting the transition to a net zero carbon economy," the chairman stated.

"Our deep relationships with many of the key utilities and large-scale developers in Ireland and across Europe have proven successful in the identification of value accretive assets to add to our portfolio," he said. 

"This proposed placing will ensure we have the financial flexibility to capitalise further on these opportunities as they arise," he added.