Greencoat Renewables is to conduct a share placing in order to raise funds to allow it pursue merger and acquisition opportunities across Europe.
The shares will be placed at €1.12, representing a discount of 6.7% on its closing price on Friday.
The placing will be carried out under the company's existing 400m Share Issuance Programme that was launched in October last year.
The company said it is in exclusive talks about potential investments in a range of projects that have around 380MW of generating capacity in Sweden, France, Spain and Northern Europe.
This pipeline, it said, is worth than €600m.
"We are pleased to announce a second equity issuance under our existing Share Issuance Programme launched in October 2021, reflecting the strength of our pipeline and continued confidence in our ability to deliver value-accretive growth for shareholders," said Ronan Murphy, Non-Executive Chairman of Greencoat Renewables.
"The growth and strategic diversification we have achieved in the business reflects our market leading position in the Irish market and our strong relationships and expanding footprint across continental Europe."
"Since the launch of the current Share Issuance Programme, we have acquired our first asset in Sweden and agreed our first forward-sale transaction in Spain."
Greencoat said it had invested around €360m in wind generation assets in Ireland last year and so far this year.
This has increased its portfolio by 33% making it the largest asset owner of operational wind assets in the Irish market.
The company added that it continues to see strong investment opportunities across continental Europe.
"The company has continued its geographic diversification, having now entered five European countries, demonstrating the Company's ability to scale into Europe," it said in a statement.
It said the opportunity it is examining in Northern Europe would see it acquire half of a large operating offshore windfarm.
Greencoat said it would use the proceeds from the placing to partly pay down a revolving credit facility which is currently €75.7m drawn.
Shares in the company were lower in Dublin trade today.