Greencoat Capital has announced its entry into the US renewables sector and plans to invest $5bn (€4.3bn) over the next five years in the country.

The $10bn European renewables investment manager said it has invested $500m into wind farm portfolios in Texas and Illinois this year and has also hired a senior US team to lead its two new offices in New York and Chicago.

Greencoat Capital has appointed David Boyce to head the US business and Coen Weddepohl to lead US investor relations and business development. The manager has also appointed Saad Qais head of asset management.

Ciaran O’Brien will continue chairing the US business, which he has been supporting since 2019, the manager said.

Greencoat Capital, which has over the past eight years invested in Europe said it 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.

“While Greencoat’s plans for US expansion have been in progress for some time, the current record-breaking pace of renewables buildout underscores the enormous opportunity for Greencoat’s secure income investment model to be replicated in the US,” the manager said.

Laurence Fumagalli, Greencoat Partner, said: “It’s a uniquely exciting time to be entering the US market as the country hits the inflection point of renewables growth. We see enormous opportunity for building a significant portfolio as we have done in the UK and Europe over the past eight years.”

Fumagalli said a permanent presence in New York and Chicago will enable Greencoat Capital to form stronger connections with energy infrastructure owners and investors, many of which are parties the company has already partnered with in Europe.

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