Greencoat Capital has entered the US market with plans to invest $5bn in the country’s secondary renewables market over the next five years.
It has opened offices in New York and Chicago and hired a senior US team and has already invested $500m into wind farm portfolios in Texas and Illinois in 2021.
Over the past eight years Greencoat has grown to become one of the largest specialist renewables investment managers in Europe, investing in and managing over 200 wind, solar and bioenergy assets, representing over 3000MW of generating capacity.
The company sees a “significant opportunity for growth” in the US, providing both North American and European institutional investors with access to one of the largest and fastest growing renewables markets.
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.
As part of its entry into the US, Greencoat has appointed David Boyce to head the US business.
Alongside Boyce, Coen Weddepohl will lead US investor relations and business development.
Saad Qais joins as head of asset management.
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.
Boyce 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 $1tn.
“For Greencoat, we see a $5bn 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.”