Greencoat Renewables could invest in offshore assets by 2023

Investment group has in excess of €250m to deploy

Greencoat has assets all across the Republic and recently picked up an additional 25 per cent stake in the Cloosh Valley Wind Farm in Co Galway for €34.5 million. Photograph: iStock

Greencoat has assets all across the Republic and recently picked up an additional 25 per cent stake in the Cloosh Valley Wind Farm in Co Galway for €34.5 million. Photograph: iStock

 

Greencoat renewables could invest in offshore wind assets in the Republic by 2023, Bertrand Gautier, partner at Greencoat Capital, the renewable arm’s investment manager, said after its annual general meeting in Dublin.

Speaking to The Irish Times, Mr Gautier stressed that the investment company only buys assets post-construction. Given the long lead time into offshore wind developments, he said those opportunities could come up from “2023 and beyond”.

While he wouldn’t be drawn on the volume of capital the company intends to spend this year, Mr Gautier said it has in excess of €250 million left to deploy, about a quarter of the size the company is now.

Additionally, Greencoat will start to consider expansion into other European territories from July, including into jurisdictions such as Belgium, Germany, France, Finland and the Netherlands according to its chairman, Rónán Murphy.

While the extent of Greencoat’s investment in those countries has yet to be defined, no more than 40 per cent of the company’s gross asset value can be invested outside the Republic, according to its investment plan.

All resolutions at the company’s agm were resoundingly passed on Thursday. Mr Murphy said the year was one of “significant growth” whereby it acquired 10 new wind farms representing an investment of €518 million, increasing its total to volume of farms to 12.

The Republic, he added, “remains a very attractive jurisdiction”, where the company is now a “major player”.

Significant shareholders in Greencoat include the Ireland Strategic Investment fund and the National Treasury Management Agency, both of which hold 14.62 per cent of the group.

Greencoat has assets all across the Republic and recently picked up an additional 25 per cent stake in the Cloosh Valley Wind Farm in Co Galway for €34.5 million. It now controls 75 per cent of that asset.

That followed from an additional share placing in March when it raised €147.7 million to pay down its revolving credit facility, freeing up capital for further acquisitions.