The £358m deal was first announced by the British asset manager in December last year.
Greencoat specialises in renewable energy infrastructure investing, including wind, solar, bioenergy and heat.
The firm, which manages £6.8bn on behalf of its clients, has a presence in the UK and Ireland and is expanding its presence in the US.
The deal is expected to help Schroders set up an extensive private assets platform and accelerate its sustainability efforts.
According to the company, the growing urgency and demand for a rapid expansion of renewable power around the globe in the wake of heightened geopolitical uncertainty further supports the strategic importance of the Greencoat acquisition.
Schroders group CEO Peter Harrison said: “As governments around the world look to accelerate towards net zero goals, providing capital for the energy transition will become ever more important.
“In the UK, pension schemes are increasingly focused on their net zero investment obligations following recent regulatory requirements for UK schemes to publish their climate risk disclosures by the end of 2022.”
“The completion of the Greencoat Capital transaction expands our offering in an area of high client demand,” Harrison added.
As part of the transaction, Greencoat will become part of Schroders’ private market division, Schroders Capital. It will be renamed as Schroders Greencoat.
Greencoat Capital founder Richard Nourse commented: “Combining Greencoat’s leading renewable investment expertise with Schroders’ global distribution network will enable clients to capitalise on the unrivalled opportunity that our sector represents, a trillion dollar investable universe and the chance to support meaningfully the global transition to net zero.”
In February this year, Schroders Capital concluded the purchase of Dutch real estate fund manager Cairn Real Estate and River & Mercantile Group’s Solutions business.