Greencoat Renewables, Rockpool Acquisitions Set IPOs In London, Dublin (ALLIPO)

A wind farm operator is planning to breeze on to the London and Dublin stock exchanges with a £219 million float.

Greencoat Renewables PLC said it plans to raise up to EUR250 million in an initial public offering on the London Stock Exchange’s AIM market and the Irish Stock Exchange’s ESM, whilst Rockpool Acquisitions intends to list on the London Main Market.

It intends to acquire more Irish wind farms and to build a portfolio of wind and solar projects…

“ISIF is of the view that this will enable the recycling of capital from current owners of Irish energy wind assets back into their core businesses and development pipelines – increasing the velocity of capital recycling within the sector and thereby enabling the development of further renewable energy generation”.

Rónán Murphy, non-executive chairman at Greencoat Renewables, said the listing was an “exciting next step” for the firm.

It added that it also boasted supportive Irish stakeholders.

Greencoat said: “ISIF and AIB, who funded the company’s acquisition of the seed portfolio, have made conditional investment commitments of up to €105m (in aggregate) in the capital raising”.

He said: “The quality of our seed portfolio, coupled with the expertise and experience of our Investment Manager, should allow us to generate an attractive yield for shareholders coupled with capital growth”.

Speaking to the Irish Independent, Mr O’Donnell said that it’s likely to be two years before the company targets investments outside Ireland, while both he and Mr Gautier declined to say when the firm might look at an additional equity raise or what type of debt facilities it hopes to finalise.

Gautier said he expects Greencoat Renewables to become a leading euro-denominated renewables investment company.

“The consolidation of a high-quality portfolio of operating assets will allow us to create long-term value for shareholders”.