Irish energy company heading to the JSE

Greencoat Renewables, an Irish-incorporated renewable energy infrastructure company, will list on the Johannesburg Stock Exchange next month.

The company was incorporated in 2017 to become a leading pan-European owner and operator of renewable energy assets.

The company is a closed-end alternative investment fund regulated by the Central Bank of Ireland.

The company’s business model is simple: convert wind and solar irradiance to energy, sell clean energy to the grid or off-takers, and generate cash to distribute to investors and reinvest.

The company acquired its initial seed portfolio in March 2017, comprising two onshore operating wind farms in Ireland, with an aggregate capacity of 137 megawatts.

Since its IPO in 2017, the company has grown its portfolio to 40 renewable energy assets across five European jurisdictions, including Ireland, France, Germany, Spain and Sweden, contributing 1.5 GW.

The company aims to give investors an annual Euro dividend, paid quarterly, that increases progressively.

It also hopes to grow the capital value of its portfolio in the long term through active asset management, reinvestment of excess cash flow, and prudent use of leverage.

The company is managed daily by Schroders Greencoat LLP, a manager of renewable infrastructure assets with €11 billion under management as of 31 December 2024.

Greencoat Renewables has a market capitalisation of roughly €844 million (R17 billion) and has primary listing on the London Stock Exchange’s Alternative Investment Market (AIM).

It also has a primary listing on the Euronext Growth Market, operated by the Irish Stock Exchange. 

Coming to South Africa

The JSE has granted Greencoat Renewables approval for a secondary listing of all its issued ordinary shares, being 1,113,535,009 ordinary shares with a par value of €0.01 each.

The shares will trade on the JSE’s AltX through an introduction via the JSE’s fast-track listing process. They will begin trading on Monday, 9 June 2025, under the share code GRP.

The company’s rationale for the secondary listing on Altx is to broaden its shareholder base with new South African-based investors.

The secondary listing will also give South African-based investors a local platform to invest in and trade GRP shares more easily.

It will also diversify the company’s shareholder base and position it for future growth, and increase liquidity for shareholders on the AIM Euronext Dublin.

It will also allow for the acquisition of future capital in a new market to fund growth when market conditions allow. Significantly, no capital is being raised as part of the listing on the JSE.