Renewable energy company plans flotation on Irish stock exchange
Greencoat renewables hopes to raise up to €250 million
Killhills wind farm in County Tipperary, which Greencoat acquired in March of this year.
Greencoat renewables, a subsidiary of Greencoat Capital, has announced its intention to float with the hope of trading shares on both the Irish and London stock exchange.
Greencoat, which expects to be the first listed renewable energy infrastructure company on the Irish stock exchange, intends to raise up to €250 million in order to “position the company for future growth.”
The company acquired onshore wind farms in March of this year in Cork and Tipperary. It will focus on investing in wind assets in Ireland where “there is an attractive opportunity to consolidate onshore wind assets.”
At admission to the London and Irish stock exchange, it is expected that Greencoat will have a net asset value per ordinary share of €0.98, based on an issue price of €1.00 per ordinary share. The company says that it is targeting an initial dividend of €0.06 annually.
“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”, said Rónán Murphy, non-executive chairman of Greencoat Renewables.
“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”, said Bertrand Gautier, partner of Greencoat Capital and the leader of the investment advisory team.