Greencoat Renewables’ parent fund reported to be eyeing sale

The UK renewable-energy funds manager behind Dublin-listed Greencoat Renewables is reported to be considering putting itself up for sale.

However, analysts highlight that a sale of London-based Greencoat Capital would have no immediate impact on Greencoat Renewables or other funds, including Greencoat UK Wind, a listed infrastructure fund that is a member of the benchmark FTSE 250 index.

The UK asset manager is in the early stages of speaking with potential advisers as it weighs strategic options, Bloomberg has reported, adding that the business could attract interest from other fund managers looking to gain expertise in environmentally-friendly investments.

The firm has about £6 billion (€7 billion) of assets under management, according to its website.

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"While we would stress that the news is purely speculative at this stage, it is our understanding that in the event of a sale there is no immediate impact on either of the listed entities, the latter of which, Greencoat Renewables, we currently attribute a hold rating to with a price target of €1.17," said Gerry Hennigan, an analyst with Goodbody Stockbrokers.

Greencoat Capital set up Greencoat Renewables for a €270 million initial public offering in 2017, attracting the Ireland Strategic Investment Fund and AIB as key anchor investors.