Investors are being given the opportunity to back clean energy demand growth and get a 6% dividend yield thanks to the imminent stock market listing of Greencoat Renewables.

The newly-incorporated investment business is hoping to raise up to €250m (£220m) ahead of floating on AIM in mid-July.

Greencoat Renewables has been set-up to build a portfolio of clean energy generating projects in Ireland. It will be run by Greencoat Capital, a European renewable investment manager with £1.8bn of assets under management across various funds including Greencoat UK Wind (UKW).

Onshore wind power industry asset consolidation across the Emerald Isle will be the initial focus for Greencoat Renewables. The business has plans to bulk up over the longer-term, such as expansion into other European Union territories.

Greencoat acquired its first two wind energy projects in March, purchased from Brookfield Renewables Ireland. These are the 100 megawatt capacity Knockacummer wind farm in County Cork and Killhills wind farm in County Tipperary, taking total output to 137 megawatts.

Operating in the EU and reporting in euros will mean UK investors will face possible currency risk based on the future value of sterling and the euro. (SF)

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