Greencoat Renewables is a first cousin of the Reits, those much-maligned investment vehicles that have largely left Ireland in recent years. Like a Reit, Greencoat is a vehicle for channelling funding from stock market investors into concrete Irish assets. In a Reit’s case, the assets are buildings; in Greencoat’s case, they’re wind turbines. Why does the government want companies like Greencoat? Because it needs lots of wind turbines, and having a direct channel from global capital markets helps get them built. The company buys wind farms off developers once they are built, allowing them to recycle the capital into new…

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