Greencoat Renewables plans to list on London and Dublin stock exchanges

Renewable investor Greencoat has unveiled its plans to become the first renewable energy infrastructure company to be listed on the Irish stock exchange. 

The company made the announcement on Monday 19 June and stated its intentions to raise gross proceeds of up to €250 million ($279m) to list on Dublin's Enterprise Securities Market (ESM) and on London's Alternative Investment Market (AIM).

In a statement, Greencoat said it expects to be the first listed renewable energy infrastructure company on Irish Stock Exchange, providing it with the necessary capital to invest in operating Irish wind energy projects.

In addition, the company expects to acquire operating wind and solar assets in "certain other Eurozone countries with the objective of generating attractive risk adjusted returns for shareholders".

Last March, the company bought a seed portfolio of operating Irish onshore wind farms, with an aggregate capacity of 137 megawatts (MW).

Greencoat detailed that it was focused on an Irish market with a "stable and supportive regulatory regime" for wind energy projects and plans to have as much as 4.3 gigawatts (GW) of onshore wind capacity by 2020.

The company has also gained support from a number of Irish stakeholders.

Greencoat said: "ISIF and AIB, who funded the company's acquisition of the seed portfolio, have made conditional investment commitments of up to €105m (in aggregate) in the capital raising."

Rónán Murphy, Non-Executive Chairman of Greencoat Renewables, said the company has an attractive seed portfolio of operating Irish onshore wind assets.

He said: "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.”

The company’s Investment Manager and Partner Bertrand Gautier praised Ireland’s renewable energy market, saying it offered 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," Gautier added.

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