European renewables investor Greencoat enters US market, plans US$5bn investment spree

Greencoat Capital is one of Europe’s largest renewables investment management companies, acquiring assets from the likes of Lightsource BP. Image: Lightsource BP.

European renewables investment management firm Greencoat Capital has confirmed its entry to the US renewables market and is plotting to invest up to US$5 billion over the next five years.

Greencoat is amongst Europe’s most prolific renewables investors and manages more than 200 solar, wind and bioenergy generation assets with a combined capacity of more than 3GW.

But the investment management group is now intent on targeting what it described as a “significant opportunity” for growth in the US. Greencoat said it had planned its expansion into the US for some time, however the “record-breaking pace” of renewables buildout in the country underscored an “enormous opportunity” for the company’s investment model to be replicated in the US.

Greencoat plans to operate a buy and hold investment model, investing in wind, solar and energy storage throughout the US to provide investors with predictable, stable incomes.

“It’s a uniquely exciting time to be entering the US markets as the country hits the inflection point of renewables growth,” Laurence Fumagalli, partner at Greencoat, said. “We see enormous opportunity for building a significant portfolio as we have done in the UK and Europe over the past eight years.”

Greencoat has established offices in both New York and Chicago, and a US-facing team has also been recruited, chaired by Ciaran O’Brien, who has been working on the investor’s launch since 2019.

David Boyce has been recruited to lead the US business, with Coen Weddepohl hired to lead on US investor relations and business development. Saad Qais meanwhile will serve as US head of asset management.

Boyce said Greencoat intends to establish itself as one of North America’s foremost renewables investors over the coming years.

“The current momentum behind US renewables makes it the perfect time for Greencoat to expand into the US, with an expected trebling of US renewable generating capacity by 2030 with an investment value of $1 trillion,” he added.

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