Greencoat Capital raises target size to £1.5bn

The London-based fund manager is extending the fundraising period for Greencoat Solar II by two years.

  • Fund name: Greencoat Solar II
  • Amount raised: £1.11 billion
  • Target size: £1.5 billion
  • Stage of fundraising: 7th Close
  • Interim close: January 2021
  • Predecessor fund: Greencoat Solar I (£415 million)

Greencoat Capital has raised the target size for Greencoat Solar II to £1.5 billion ($2.1 billion; €1.7 billion) while extending the fundraising period by two years, a contact at the firm informed Infrastructure Investor. The fund held its seventh close in January, after raising £1.11 billion, surpassing the initial target of £1 billion.

Combining Solar I and II, the fund manager has committed over £1.3 billion of institutional capital to UK Solar PV generating assets. Across both vehicles, Greencoat’s portfolio currently manages 720MW of generation capacity across 93 solar farms in the UK.

Greencoat Capital currently has another private vehicle in market seeking £1 billion of capital commitments. According to Infrastructure Investor, the Greencoat Renewable Income fund has so far raised £671 million, following its fourth close in March 2021. Confirmed by the firm, the GRI fund is a diversified sterling-dominated private markets pooled fund investing in bioenergy, solar PV, and wind assets in countries with robust regulatory frameworks.