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Jun 12 2018, 06:30 IST/BST
Greencoat has made encouraging progress in its first 12 months as a public company. It has grown assets under management by over 40% and has already settled into its quarterly dividend cycle. Going forward, the Greencoat Renewables (Greencoat) opportunity is equally exciting. The group is well positioned to acquire attractive wind farm assets in Ireland, delivering enticing investor returns in the process. The emergence of an increasingly liquid secondary market opportunity is therefore extremely encouraging. The opportunity set is strengthening and so is the Greencoat investment thesis. We expect the fund to continue to build out its attractive portfolio over the coming period. At just a 6.5% premium to what we perceive as early-stage net asset value (NAV), we reiterate our ‘Outperform’ recommendation.