Business Irish

Monday 11 December 2017

Greencoat Renewables intends to be first listed renewable energy infrastructure firm on Irish stock exchange

Knockacummer Wind Farm
Knockacummer Wind Farm
Louise Kelly

Louise Kelly

Leading renewable infrastructure firm Greencoat Renewables intends to list on the Irish Stock Exchange.

If admitted, Greencoat Renewables - a subsidiary of Greencoat Capital - will be the first listed company of its kind on the Irish Stock Excange.

The firm intends to raise up to €250m through listing on both the ESM and the AIM markets of the Irish and the London Stock Exchange respectively.

The Company is expected to have a Net Asset Value (NAV) per Ordinary Share of not less than €0.98, based on an issue price per Ordinary Share of €1.

In a statement from the group, the decision for the listing is to raise new funds and position Greencoat for future growth.

The firm expects Ireland to have c.4.3GW of onshore wind in operation by 2020, with significant consolidation opportunities.

Bertrand Gautier and Paul O'Donnell
Bertrand Gautier and Paul O'Donnell

In March 2017, Greencoat acquired a seed portfolio of operating Irish onshore wind farms, with an aggregate capacity of 137MW - providing the company with an established income stream.

Funding for the acquisition was provided by the National Treasury Management Agency (NTMA) and AIB and McCann FitzGerald were legal advisers to Greencoat.

"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," Rónán Murphy, Non-Executive Chairman said.

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," he said.

The firm has appointed Greencoat Capital, an experienced renewable infrastructure investment manager as the Investment Manager.

Bertrand Gautier and Paul O’Donnell will lead the Investment Manager's team managing the  firm's investments.

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