The green crew are coming - but can sustainable funds finally deliver?

It is not all about attracting seed capital, however, and Gilligan believes Greencoat could draw interest from investors searching for a hedge against inflation.

Gilligan said: 'The offering should be an attractive diversifier for a small portion of an income portfolio given the stability of revenue from the government incentive scheme whilst achieving an element of protection against higher inflation over the longer term.' 

What's the alternative?

There are of course more mature funds already up and running in the sustainable sector, giving green investors a healthy crop of alternatives, even if Greencoat's offering is the first dedicated UK wind farm play.

Enterprise investment schemes have been involved in solar and clean energy for some time, but the likes of Jupiter Green, a £36.9 million fund designed to generate long-term capital growth, is perhaps more diversified, offering a shield from single sector risk.

Moreover, while its share price growth lagged the FTSE World over the three years to December, over one year this pattern has reversed. It trades at an 8% discount despite topping the specialist environmental sector over three years, and ranking in second place over one year.

A recovery play could be BlackRock's New Energy, which is trading at an 11.6% discount relative to the sector's 19.4% average.  Its manager and board are committed to preparing for a green revival, and in October they rolled out a plan for a turnaround after activist Weiss bought in.

Elsewhere, in the open-ended market, First State offers a suite of sustainable vehicles, including its Asia Pacific Sustainability fund, managed by David Gait.

This vehicle proved so popular that in late 2011 it was soft-closed to investors, with the funds house introducing a 4% initial charge.

However, investors choosing to pay up would gain access to fund that has delivered a cumulative three-year absolute return of 160%. He has delivered this through a portfolio that excludes companies investing in arms and tobacco in favour of firms prioritising environmental, social and governance concerns.