June 19 (Renewables Now) - Ireland-based Greencoat Renewables PLC expects to raise up to EUR 250 million (USD 280m) by floating on the London Stock Exchange's AIM market and the Irish Stock Exchange (ESM).
The company has been recently set up by European renewables investment manager Greencoat Capital LLP. In March it acquired a 137-MW seed portfolio of two operating Irish wind farms from Brookfield Renewables Ireland.
The new firm aims to build a portfolio of renewable electricity assets with an initial focus on wind assets in Ireland, where it sees an opportunity to consolidate operational wind farms. It later plans to diversify its portfolio with renewable energy assets in certain other Eurozone countries.
Greencoat Renewables plans to issue up to 250 million ordinary shares at a price of EUR 1 apiece and expects to join AIM and ESM in the middle of July, according to a stock exchange statement today. Allied Irish Banks Plc (AIB) has committed to subscribe for 10 million-25 million shares, and the Ireland Strategic Investment Fund (ISIF) for 76 million-80 million shares.
Greencoat Capital has said in March that AIB and ISIF are providing the seed capital for Greencoat Renewables.
(EUR 1 = USD 1.120)