British fund manager Schroders has said it is in advanced talks to buy a significant stake in renewables investment firm Greencoat Capital, the fund behind Dublin listed Greencoat Renewables.
Schroders issued the statement after a report by Sky News that it was close to taking a 75% stake for about £360m, with a potential option to buy the remainder of the firm.
The move comes as fund managers compete for a global wave of sustainability-focused investments.
Greencoat manages solar, wind and other renewables funds.
Founded in 2009 by energy banking veteran Richard Nourse, it has over £6bn of assets under management.
Schroders said there was no certainty the talks would lead to an agreement, adding it was continuing to evaluate other potential acquisition opportunities to enhance its sustainability position.
"The Board of Greencoat Renewables PLC notes the announcement from Schroders plc regarding the potential acquisition of a stake in Greencoat Capital LLP, the investment manager to Greencoat Renewables," Greencoat Renewables said in a statement to the stock market here.
"The Board confirms that any such potential transaction would relate to Greencoat Capital LLP, not Greencoat Renewables, and is confident that, should any transaction proceed, it would not impact Greencoat Capital's role as investment manager to Greencoat Renewables."
