July 25 (Renewables Now) - Ireland-based Greencoat Renewables PLC (LON:GRP) today started trading on the London and Irish stock exchanges after raising EUR 270 million (USD 314m) in the flotation.
The company joined the AIM market of the London Stock Exchange and the ESM market of the Irish Stock Exchange under the ticker GRP.
Set up recently by European renewables investment manager Greencoat Capital LLP, Greencoat Renewables will initially focus on wind assets in Ireland. It has acquired a 137-MW seed portfolio of two operating Irish wind farms from Brookfield Renewables Ireland.
"The listing provides us with the platform to build upon our initial portfolio of operational wind farms, with a substantial pipeline of future acquisition opportunities in the Irish market," Paul O’Donnell, partner of Greencoat Capital, said. "There is 4.3 GW of onshore wind expected to be in operation in Ireland by 2020, and we believe that Greencoat Renewables is very well placed to generate attractive returns for Shareholders for the long-term," O’Donnell added.
The Ireland Strategic Investment Fund is a EUR-76-million cornerstone investor, while Allied Irish Banks Plc (AIB) subscribed for EUR 15 million of shares.
Greencoat Renewables, which says it is the first euro denominated renewable energy infrastructure company to list in London, issued 270 million shares at EUR 1.00 after "heavy" demand, prompted it to increase the size of the fundraising from the EUR 250 million expected initially.
(EUR 1 = USD 1.164)