Companies

€42m debt-to-equity swap strengthens Coates’ Pinergy holding

Betting magnate’s backing of energy firm through rough patch a ‘statement of long-term support and belief in its vision’

Enda Gunnell, chief executive of Pinergy: ‘We want to partner with [clients] on the energy transition, trying to create a sustainable energy future for all rather than just retailing fossil fuel-based kilowatts.’ Picture: Fergal Phillips

Peter Coates, the betting magnate, has significantly increased his backing of Pinergy, the Irish energy firm, after converting tens of millions of euro of debt into equity to help the company’s financing position.

Some €42 million of debt racked up by Pinergy in recent years has been converted into equity through the issuance of preference shares, in a move which significantly increases Coates’ position in the company.

Coates, the co-founder of online bookmaker Bet365 and ...