25 Jul - Greencoat Renewables raises €270 million through IPO on the ISE
Greencoat Renewables raises €270 million through IPO on the ISE
Tuesday 25 July 2017
Greencoat Renewables plc, an Irish renewable energy company, has raised €270 million through its initial public offering (IPO) on the Irish Stock Exchange’s (ISE) Enterprise Securities Market (ESM).
Greencoat Renewables’ objective is to build a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. It will invest in euro denominated operational renewable electricity generation assets principally in Ireland and over time in certain countries within the Eurozone (being Belgium, Finland, France, Germany and the Netherlands).
It commenced trading with a market capitalisation of €270 million using the ticker GRP.
Welcoming Greencoat Renewables, Aileen O’Donoghue, the ISE’s Director of Strategy, said: “We are delighted to see Greencoat Renewables use a listing on the ISE to raise international equity funds. The ISE is also a recognised hub for green bond listings by issuers around the globe including China, Mexico, France, Chile, Germany and Italy.
Renewable energy is capital intensive and requires significant investment. Greencoat Renewables’ IPO demonstrates that capital markets are a real option for this sector to raise funds and we hope their success encourages other companies to consider equity markets for their future financing needs.”
Paul O’ Donnell, Partner of Greencoat Capital, the Investment Manager, at the ringing of the opening bell ceremony at the ISE said: "We are delighted to have successfully concluded our fund raise and to be announcing the commencement of the trading of our shares on the Irish Stock Exchange. We are very pleased with our new institutional shareholders, and we would particularly like to thank ISIF and AIB for their continued support. The capital raised will allow the company to implement our stated strategy of acquiring a portfolio of renewable energy assets, initially onshore wind in Ireland, and in turn create value for our shareholders.”
Eugene O’Callaghan, Director, Ireland Strategic Investment Fund (ISIF), added:
“Our investment in Greencoat Renewables follows our successful investments in ISE-listed Malin and Draper Esprit at IPO in 2015 and 2016. These companies meet our ‘double bottom line’ mandate enabling usto invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. Companies with high-growth potential are an attractive proposition for ISIF investment which is why we are also a partner in the ISE’s #IPOready programme.”
Notes to editor
Investors in Greencoat Renewables
The Ireland Strategic Investment Fund (ISIF) has invested €76 million in Greencoat Renewables’ IPO making it a 28.15% shareholder in the company. ISIF has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland.
AIB, Ireland’s largest bank, has invested €15 million in the Greencoat Renewables’ IPO.
Green Bond listings on the ISEInternational issuers with green bonds listed on the ISE include:
China Three Gorges Corporation, manager of the world’s largest hydropower project in the world,
NAFIN, focused on sustainable projects meeting the environmental goals of the Mexican government,
Senvion, headquartered in Germany and one of the leading manufacturers of onshore and offshore wind turbines, and
Alperia, the Italian provider of energy from renewable sources.