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Greencoat Renewables launches €250mln funding to grow Irish wind farms business

A new €250mln capital raise will position Greencoat Renewables to acquire more wind farm assets in Ireland.
onshore wind turbines, at a wind farm - renewable energy
The investment vehicle will be listed on AIM and in Dublin

Newly launched Greencoat Renewables PLC is to raise €250mln to fund a portfolio of onshore wind farms in Ireland.

Greencoat Renewables in March acquired what it describes as a ‘seed portfolio’ of wind power assets comprising some 137 megawatts of aggregate capacity, at two operating wind farms with a total of 56 turbines.

The initial deal was funded by the Irish authorities – via the Ireland Strategic Investment Fund – and Allied Irish Banks, and now a new capital raise aims to position the group for future growth.

“The quality of our seed portfolio, coupled with the expertise and experience of our Investment Manager, should allow us to generate an attractive yield for shareholders coupled with capital growth,” said Rónán Murphy, Greencoat Renewables non-executive chairman.

The company, which is managed by Greencoat Capital, intends to list the new vehicle on London’s AIM market and the Irish Stock Exchange. It will be Dublin’s first listed renewable energy infrastructure company.

In a statement, Greencoat said it plans to acquire other operating wind farms in Ireland and, in time, it also intends to pick up solar power projects and potentially also interests in other Eurozone countries.

"Compelling opportunity for investors", says Greencoat Capital partner

Bertrand Gautier, partner at Greencoat Capital, said: “The Irish renewable energy market, with Ireland’s abundant wind resource, offers a compelling opportunity for investors.

“The consolidation of a high-quality portfolio of operating assets will allow us to create long-term value for shareholders.

“From our base in Ireland, we expect that Greencoat Renewables will become a leading euro-denominated renewables investment company and we are excited about the growth prospects for the business.”

The ISIF and AIB will continue to be cornerstone shareholders in Greencoat, with both committing to subscriptions of shares in the new funding. Greencoat Capital will continue to act as investment manager to the Irish wind farm business.

RBC Capital Markets and Dublin based broker Davy are acting bookrunners for the funding, meanwhile solicitor McCann FitzGerald is advising on the raise.

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