Greencoat Capital LLP, a renewables investment manager in Europe with around $10 billion of assets under management, has announced its entry into the U.S. renewables sector with the opening of two new offices in New York and Chicago. Greencoat has also hired a senior U.S. team and has already invested $500 million into wind farm portfolios in Texas and Illinois.
Over the past eight years, Greencoat has invested in and managed over 200 wind, solar and bioenergy assets in Europe, representing over 3,000 MW of generating capacity. It expects to invest $5 billion over the next five years.
“We see enormous opportunity for building a significant portfolio as we have done in the UK and Europe over the past eight years,” says Laurence Fumagalli, a Greencoat partner. “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.”
Greencoat has appointed David Boyce to head the U.S. business. He brings over 20 years of experience investing in U.S energy. Alongside Boyce, Coen Weddepohl will lead U.S. 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 U.S. renewable energy portfolios and businesses.
Ciaran O’Brien will continue chairing Greencoat’s U.S. 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 MW of renewable energy infrastructure assets across the U.S.
“The current momentum behind U.S. renewables makes it the perfect time for Greencoat to expand into the U.S., with an expected trebling of U.S. 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 U.S. launch follows investment in six wind assets in the U.S. in 2021 by funds managed by Greencoat. These comprise a 24% stake in an 861 MW wind portfolio in South Texas, and an 80% stake in a 405 MW wind portfolio in Illinois.