Greencoat Capital targets $5 billion of deployment by 2026 Offices opened in New York and Chicago with $500 million already deployed
NEW YORK, NEW YORK and CHICAGO, ILLINOIS, 14 October 2021 — Greencoat Capital LLP ("Greencoat"), Europe's largest renewables investment manager, with around $10 billion of assets under management, has today announced its entry into the US renewables sector. Greencoat has opened two new offices in New York and Chicago and plans to make a significant impact on the US secondary market with an expectation to invest $5 billion over the next five years. Greencoat has hired a senior US team and has invested $500 million into wind farm portfolios in Texas and Illinois in 2021.
Over the past eight years Greencoat has grown to become the largest specialist renewables investment manager in Europe, investing in and managing over 200 wind, solar and bioenergy assets, representing over 3,000 megawatts of generating capacity. The company sees a significant opportunity for growth in the US, providing both North American and European institutional investors (including public and private pension schemes and insurers) with access to one of the largest and fastest growing renewables markets.
While Greencoat's plans for US expansion have been in progress for some time, the current record-breaking pace of renewables buildout underscores the enormous opportunity for Greencoat's "secure income" investment model to be replicated in the US. The company aims to provide investors with predictable, stable income on a long term, buy and hold basis, by investing in wind and solar generation and energy storage assets. The model also allows developers and utilities to recycle capital in order to continue building out capacity towards the low carbon economy.
Laurence Fumagalli, Greencoat Partner, said: "It's a uniquely exciting time to be entering the US market as the country hits the inflection point of renewables growth. We see enormous opportunity for building a significant portfolio as we have done in the UK and Europe over the past eight years. A permanent presence in New York and Chicago will enable us to form stronger connections with leading energy infrastructure owners and investors, many of which are parties we have already partnered with in Europe."
As part of its entry into the US, Greencoat has appointed David Boyce to head the US business. David brings over 20 years of experience investing in US energy. Alongside Boyce, Coen Weddepohl will lead US investor relations and business development, with over 20 years of experience spanning private equity, hedge funds and impact investment, including serving as Head of Environmental Finance at Man Group. Saad Qais joins as head of asset management, with over 20 years of energy finance experience, including over 10 years managing US renewable energy portfolios and businesses.
Ciaran O'Brien will continue chairing Greencoat's US business, which he has been supporting since 2019. Between them, the team is directly responsible for the development, financing and M&A of several thousand megawatts of renewable energy infrastructure assets across the US.
David Boyce, Greencoat US Business Head, said: "The current momentum behind US renewables makes it the perfect time for Greencoat to expand into the US, with an expected trebling of US renewable generating capacity by 2030 with an investment value of $1 trillion. For Greencoat, we see a $5 billion investment opportunity over the next five years and want to establish Greencoat as one of North America's foremost investors in renewables, matching the firm's leading position in Europe."
Greencoat's US launch follows investment in six wind assets in the US in 2021 by funds managed by Greencoat. These comprise a 24% stake in an 861 megawatt wind portfolio in South Texas, and an 80% stake in a 405 megawatt wind portfolio in Illinois.
About Greencoat Capital
Greencoat is a leading global renewables investment manager, with around $10 billion of assets under management. Greencoat manages investments in over 200 renewable generation assets across wind, solar and bioenergy, with an aggregate net capacity of over 3,000 megawatts. For more information about Greencoat, please visit http://www.greencoat-capital.com.