Greencoat Renewables has raised €270 million through its initial public offering which it said would be used to expand its portfolio of onshore Irish windfarms.
The newly incorporated company had increased the share issue by €20 million following strong demand, it said.
Greencoat floated on the Irish Stock Exchange and the Alternative Investment Market in London. Greencoat Capital, of which it is subsidiary, acted as investment manager on the listing. Trading of the shares on the Irish Stock Exchange’s enterprise securities market is expected to begin on July 25.
Bertrand Gautier, a partner at Greencoat Capital, said the funds would allow the company to pursue further acquisitions in the Irish market, focusing initially on the onshore wind.
Paul O’Donnell, also a partner, told The Times last month that it was a good time to enter the market as investors were looking to offload assets.
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The Irish company has two onshore wind farms located in Cork and Tipperary, acquired from Brookfield in March 2017, which have a combined capacity of 137MW.
Funding for the acquisitions was provided by the National Treasury Management Agency through the Ireland Strategic Investment Fund (ISIF) and by AIB. Both AIB and ISIF backed the IPO, as did new institutional shareholders.