Greencoat Renewables plans to float in London and Dublin

20 Juin, 2017, 17:03 | Author: Marc Bacque
  • The investment vehicle will be listed on AIM and in Dublin

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.

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

Funding for the acquisition came from the National Treasury Management Agency, an Irish financial institution, Greencoat said.

Greencoat Renewables expects to be the first renewable energy infrastructure company listed on Ireland's stock exchange.

Greencoat will float on London's Alternative Investment Market (AIM) and Dublin's Enterprise Securities Market (ESM) in the middle of July. The company says that it is targeting an initial dividend of €0.06 annually.

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

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United Kingdom solar and wind asset owner Greencoat Renewables is eying an IPO to raise as much as €250 million (US$280 million) to pursue additional wind and solar projects across Europe.

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 firm's manager is London-headquartered Greencoat Capital, which is also the investment adviser to a €200m ESB greentech fund. Bertrand Gautier and Paul O'Donnell will lead the Greencoat Capital team that manages the Greencoat Renewables assets.

Speaking to the Irish Independent, Mr O'Donnell said that it's likely to be two years before the company targets investments outside Ireland, while both he and Mr Gautier declined to say when the firm might look at an additional equity raise or what type of debt facilities it hopes to finalise.

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

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