Greencoat Renewables has announced plans for a stock market listing and capital raising of €250 million. The company, which acquired two operating Irish onshore wind farms totaling 137MW in March, wants to acquire further operating Irish wind farms. Longer term, it also plans to acquire operating wind and solar assets in other Eurozone countries “where the Board and the Investment Manager believe there is a stable and robust renewable energy framework”. It named those countries as being Belgium, Finland, France, Germany and the Netherlands. The Company is targeting an IRR of 7-8%.
Rónán Murphy, non-executive chairman of Greencoat Renewables, said: “The Company has an attractive seed portfolio of operating Irish onshore wind assets and our intention to raise new capital and list on the Irish and London Stock Exchanges is an exciting next step for Greencoat Renewables.”
Bertrand Gautier, partner of Greencoat Capital, the Investment Manager, 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.”
The two wind farms acquired by Greencoat Renewables are Knockacumme in County Cork and Killhills in County Tipperary.