Greencoat Renewables blows away fundraising target in dual listing
(ShareCast News) - Renewable energy investment group Greencoat Renewables increased the funds raised in its initial public offering in London and Dublin to €270m from €250m on the back of "heavy demand".
The Dublin-based company, which owns 56 wind turbines producing an aggregate 137 megawatts of power at windfarms in County Cork and County Tipperary, plans to use the new funds to develop and purchase existing wind farms in Ireland and other operational renewable electricity generation assets in certain countries within the eurozone.
The company, which has been set up by UK renewable energy investment group Greencoat Capital will be the first renewable infrastructure company listed on the London Stock Exchange with its shares denominated in euro and the first renewable energy company listed on the Irish Stock Exchange in general.
Rónán Murphy, non-executive chairman, in a press release spoke on the success of the initial offering and said that increased capital was due to "the significant oversubscription" of the shares goes to "underline the strength" of their investment case.
The company will invest with a general look to renewable and sustainable energy sources in the eurozone.
Wind turbines don't produce dangerous emissions that can create acid rain or greenhouse gasses as they don't rely on fossil fuels, such as coal or natural gasses.
Trading starts on July 25th and the 270m new shares will be issued at €1 each.