Greencoat Renewables seeks secondary listing on JSE's Alternative Exchange

GREENCOAT Renewables, an owner and operator of renewable energy infrastructure in Europe, is applying for a secondary listing on the JSE's Alternative Exchange, with a listing planned for later this year.

- EDWARD WEST

The company, already listed in London and in Dublin, Ireland, has a market capitalisation of approximately €850 million (R17.23 billion) and its operations span five European jurisdictions, including wind farms, solar farms, and battery storage assets.

As evidence of its growth, the company started out with only one energy asset in Ireland in 2017, the chief financial officer Diarmuid Kelly said in an interview. Its share price in London on Tuesday was €0.77.

"Rapidly growing commercial demand for clean energy, accelerated by the hyper-scaling of Al and data centres, is supporting existing political support for the energy transition, with the EU looking to hit a minimum target of 42.5% of energy from renewable sources by 2030, up from 24.5% in 2023," said Schroders Greencoat Partner Paul O'Donnel.

The company on Tuesday also announced the sale of six Irish onshore wind assets for €139m and €17m in non-contingent deferred consideration over 2026 and 2027, with the proceeds to be used to reduce debt and bring gearing down from 54% to 51%.