‍Renewable energy infrastructure company Greencoat Renewables has raised €270m in an initial public offering backed by the Ireland Strategic Investment Fund and AIB.

The investment was €20m higher than what it expected to raise.

The Irish-based firm said the funding will be used to bolster its euro-denominated renewable business interests.

Greencoat will be the first company of its type to list on the Irish Stock Exchange, and the first Euro denominated renewable infrastructure company to list on the London Stock Exchange.

Last March, the company bought a seed portfolio of operating Irish onshore wind farms, with an aggregate capacity of 137MW.

Greencoat Renewables said it intends to buy further operating Irish wind farms.

Non-Executive Chairman of Greencoat Renewables Rónán Murphy the IPO, which was oversubscribed, means "a total capital raise of €270 million, which underlines the strength of our investment case.

"We are very pleased to welcome our new institutional shareholders to the register alongside the Ireland Strategic Investment Fund and AIB."

Partner of Greencoat Capital, the investment manager, Bertrand Gautier said: "The positive reaction from investors and success of the initial offering is testament to the opportunity that the Irish renewable energy market presents.

"The capital raised will allow the Company to pursue its investment policy and grow a Euro denominated renewable energy business of scale, focusing initially on the Irish onshore wind market."