Given that banks were not willing to launch the Greencoat IPO without the UK GIB and BIS as cornerstone investors, the IPO provides an excellent example of a transaction that would not have worked without the involvement of government as an investor. A combination of government (for profit) capital, and the name and reputation of these government entities helped the transaction be successfully completed. The government backing helped de-risk the IPO for institutional investors, but the deal also reflects the extent to which there is appetite for the kind of low-risk infrastructure-style investment in operational wind projects that Greencoat aims to execute.