Greencoat Renewables to ask investors to scrap cap on non-Irish investments

Greencoat Renewables, the Dublin-listed wind and solar energy group, will ask shareholders at an extraordinary general meeting (EGM) next month to scrap a provision on its investment policy that limits its non-Irish investments to 40 per cent of its gross assets.

Greencoat Renewables, which floated on the market in 2017, has been investing heavily in recent times across Continental Europe, and sees an “accelerating opportunity” to put more money to work there, it said in a statement on Tuesday.

“In light of the increasing scope in the acquisition pipeline across Continental Europe, the board is proposing a change to the investment policy regarding the 40 per cent limit on non-Ireland investments, in order to support the company’s continued diversification in Europe, providing access to a wider set of opportunities,” Greencoat Renewables said.

“Given the accelerating opportunity in Continental Europe, a shareholder consultation process on a change to the current 40 per cent limit on investments outside of Ireland was undertaken, to ensure that the group is well placed to deliver on its growth potential with the full range of opportunities available in the market.”

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As of the end of June, the Republic accounted for 70 per cent of the €2.15 billion value of its gross assets, followed by Germany, at 18 per cent, and Sweden, at 5 per cent. France made up 4 per cent and Spain, 2 per cent, according to its most recent set of financial accounts.

Greencoat Renewables also agreed to buy a wind farm in Finland early last year in a forward-funded deal.

“As the portfolio has grown into new geographies, the business has benefited from increased diversification both in terms of weather systems and power markets, with low correlation of wind speeds between Continental Europe and Ireland ensuring stability of cashflows in periods of lower regional wind resource,” it said.

“The company continues to see excellent opportunities for continued diversification across geographies, technologies and pricing structures in both existing and new European markets and has an active pipeline of near-term acquisitions in Europe.”

Shareholders will be asked to vote on the investment policy resolution at the company’s EGM on October 13th.

Greencoat Renewables was set up and floated in 2017 by Greencoat Capital, the London-based renewable energy asset manager that acts as its investment manager.