13th May 2025 09:56
(Alliance News) - Greencoat Renewables PLC on Tuesday announced its intention to list in Johannesburg, and its sale of a portfolio of Irish assets for EUR156 million.
The Dublin-based renewable energy infrastructure investor said it is applying for a secondary inward listing on the Alternative Exchange of the Johannesburg Stock Exchange, by way of an introduction. The listing should become effective later in 2025.
Greencoat Renewables said it expects trading on the JSE to enhance liquidity for shareholders, diversify its shareholder base and position it for growth through access to a new capital market.
Additionally, it said it has received strong interest in the listing from South African institutional investors who are "attracted to GRP's scale, strong track record, high cash generation and progressive approach to distributions".
Also on Tuesday, Greencoat Renewables said it has agreed to sell a portfolio of six Irish onshore wind assets, to European energy investor HitecVision AS, for EUR156 million in total.
The consideration comprises an upfront EUR139 million payment, and EUR17 million in non-contingent deferred consideration over 2026 and 2027.
GPR said the portfolio, which has a net capacity of 115.7 megawatts, comprises 100% of five assets with a 65.7 MW total capacity and "a 50% stake in one of the larger assets in Greencoat Renewables' portfolio".
It said it "will work alongside HitecVision and its newly created platform company to assess future value creation opportunities at the jointly owned wind farm".
Greencoat said the transaction proceeds will be allocated towards repaying its revolving credit facility and substantially reduce the drawn balance from the EUR201 million it reported in the first quarter. It will also reduce the gearing levels from 54% to around 51% on a pro forma basis.
"This transaction reflects the disciplined execution of our capital allocation strategy, unlocking value from our portfolio and further enhancing our financial strength," commented Schroders Greencoat LLP Partner Paul O'Donnell. "In the last six months, we have successfully executed disposals that total more than EUR200 million of gross proceeds, delivering value above our original investment.
"We continue to see significant opportunities in the growing European renewable market for Greencoat Renewables to create value for its shareholders."
Greencoat Renewables shares were up 1.6% at EUR0.77 on Tuesday morning in London.
By Emma Curzon, Alliance News reporter
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