UK renewables group Greencoat targets European market with €250 million IPO


UK 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.

The company confirmed this morning that it was aiming to become the first renewable energy infrastructure firm to list on the Irish Stock Exchange, and would also look to trade on the AIM and ESM markets of the London Stock Exchange.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Greencoat said it would look to use the funds to first and foremost acquire additional Irish wind farms but would then look to bolt on wind and solar assets across the Eurozone.

It has set an initial dividend target of €0.06 (US$0.067) and IRRs of between 7 and 8%.

Rónán Murphy, non-executive chairman at Greencoat Renewables, said the listing was an “exciting next step” for the firm.

“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,” he added.

Greencoat’s seed portfolio of 137MW of operational onshore wind in Ireland – acquired in March 2017 – has been bolstered by its first forays into UK solar. Earlier this year a new investment vehicle established by Greencoat acquired just over 100MW of UK solar in two separate purchases from BayWa r.e. and Primrose Solar.

The firm’s investment manager and partner Bertrand Gautier lauded 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.

Greencoat would join esteemed company on the London Stock Exchange with funds from established UK asset owners such as Foresight and NextEnergy Capital – who hold significant shares of UK solar capacity – also listed. 

21 August 2024
5pm BST
FREE WEBINAR -This webinar will feature the perspectives and views of PV Tech’s Head of Research, Dr. Finlay Colville, on how the U.S. PV manufacturing landscape is changing today and when we might expect additions to encompass cells and wafers. This will be followed by a PV Tech special – a look inside one of the first new PV module fabs built in the U.S. this year; SEG Solar’s new site in Texas. Join Jim Wood, CEO at SEG Solar, as he walks around the new factory showing key features and explaining the rational for SEG Solar in making this investment into U.S. PV manufacturing in 2024.

Read Next

July 19, 2024
The US Department of Energy (DOE) has issued a loan of up to US$861.3 million to support 200MW of solar PV and 285MW/1,140MWh of battery energy storage system (BESS) projects in Puerto Rico.
July 18, 2024
US-based off-grid solar product manufacturer d.light has secured US$176 million to support its PayGo consumer loan offering in three African countries.
July 18, 2024
US energy technology company Generac has been awarded a US$200 million grant from the Department of Energy (DOE) to deploy residential solar PV and energy storage systems in Puerto Rico.
July 17, 2024
Liquidity is rising at great pace in US tax credit transferability for clean energy, helping lenders become comfortable with the market.
July 12, 2024
PV Tech spoke with Helena Li at the Intersolar Europe 2024 event, about how Trina is looking to ensure effective operations.
July 12, 2024
Canadian asset owner Brookfield has acquired a majority stake in Indian clean power company Leap Green Energy in a US$200 million equity investment.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA