European renewable infrastructure investor Greencoat Renewables has upgraded its JSE listing to the main board, as the company looks to deepen access to South African capital and improve trading liquidity.The company on Thursday moved from the JSE’s AltX to the main board, less than a year after first listing in Johannesburg.Greencoat, which is listed on Euronext Dublin and London’s AIM market and is managed by Schroders Greencoat, owns renewable electricity generation, battery storage and digital infrastructure assets across Ireland, France, Germany, Sweden and Spain. (Dorothy Kgosi) The company has a market capitalisation of about R16.7bn and said its portfolio now yields about 9% in euros.Schroders Greencoat investment manager Paul O’Donnell said South Africa’s capital markets and familiarity with infrastructure investing make the country attractive for the company. “South Africa is a very deep capital market,” O’Donnell told Business Day.He said Greencoat had engaged South African institutions for more than 18 months and already has exposure to South African-linked investors through offshore funds. “We understood there was a broader set of local investors who wanted to get that exposure,” he said.The move to the main board is expected to improve visibility and liquidity while also opening the company to potential inclusion in major JSE benchmark indices, which could attract passive investment flows and increase trading activity in the stock. O’Donnell said the migration is critical not only from a liquidity perspective but also for access to larger pools of capital. “Some of the biggest institutions, both active and passive, will only support you when you’re on the main board,” he said.The JSE said Greencoat’s migration shows a growing interest from foreign companies seeking access to South African capital markets through inward listings, which allow companies already listed on recognised foreign exchanges to list their shares locally without changing their primary listing. Maurice Madiba, head of primary markets at the JSE, said the exchange has seen increased activity from inward listings in recent years. “It’s certainly a strong sign that investors and project promoters, even in the infrastructure space, view South Africa as a source of capital,” Madiba said.The listing comes as the JSE seeks to attract more energy and infrastructure-related companies. “We’re working on that actively, to get more energy businesses at the exchange,” Madiba said.Greencoat also outlined its expansion priorities in Europe, with battery storage emerging as a growth area.O’Donnell said the company is targeting 40% earnings growth over the next five years and plans to invest up to €150m in battery storage over the next three years. “We are prioritising storage, data centres and constructing new wind farms in Europe.”He said battery storage is becoming increasingly important as grid constraints and power price volatility intensify across Europe.“As grid constraints happen, and as power prices become more volatile, we think that creates a good opportunity for battery storage,” O’Donnell said.While the company is monitoring opportunities linked to South Africa’s energy transition, including green hydrogen and e-fuels, O’Donnell said Greencoat remains focused on Europe for now.