Greencoat Renewables PLC (LSE:GRP) has raised €281.5mln in an oversubscribed share placement.
The proceeds will be earmarked for a pipeline of what the investment company described as attractive near-term investment opportunities in Ireland and continental Europe.
Amidst substantial demand, 251.35mln placing shares will be issued at €1.12 per share placing price. The new shares will represent around 28% of the company's existing ordinary share capital before the placing, bringing the total issued share capital to 1.14bn.
It plans to "execute on assets under exclusivity" and meet commitments under forward sale investment arrangements, whilst maintaining gearing within the target range of 40-60%.
"I am very pleased with the oversubscribed placing, reflecting shareholder confidence as we continue to build one of the leading European renewable energy infrastructure companies," said Ronan Murphy, chairman.
"As the transition to renewable energy gathers pace, I am very optimistic about the prospects for the business and look forward to deploying these proceeds to deliver on our ambitious growth strategy."