Greencoat considers expansion into Indian renewables – exclusive

UK-based manager could make its first move outside British Isles after expanding into bioenergy this year.

Grencoat Capital is exploring the possibility of expanding into Indian renewables, sources have told Infrastructure Investor.

The UK-based renewables manager is believed to be at the early stages of considering whether to go ahead with the expansion and how it might be executed, Infrastructure Investor understands.

India’s wealth of existing and planned renewable energy assets is believed to have precipitated the potential move. The country’s

The route to the market, be it through a public or private vehicle, remains open as Greencoat considers the best way to approach the expansion. Although the group’s largest fund – Greencoat UK Wind – is a London-listed vehicle, it also has two private market funds investing in UK solar energy. The firm is examining both solar and wind investments in India.

In mid-2017 it launched Greencoat Renewables, a euro-denominated fund listed in Ireland. Although the fund’s portfolio currently comprises only Ireland-based assets, it is planned to be Greencoat’s route into continental European assets in due course. This year, Greencoat Capital also made its first moves into bioenergy, with the hiring of a team from Foregut Group.

Greencoat would join other UK-owned groups investing in renewables in India, such as Lightsource BP and the Green Investment Group’s UK Climate Investments. Lightsource this year formed a joint venture with India’s National Investment and Infrastructure Fund and EverSource Capital.