Renewables Infrastructure seeks US$460m from IPO in London
Source: Bloomberg News |
June 28, 2013, Friday
|
Print Edition
Print Edition
RENEWABLES Infrastructure Group Ltd is seeking to raise 300 million pounds (US$460 million) in what would be the biggest initial public offering of a clean-energy company in London.
The company aims to acquire operating wind farms and solar parks in Britain, France and Ireland with a combined capacity of 276 megawatts, it said yesterday in a statement. The Guernsey-incorporated company targets a dividend of 6 pence a share and an internal rate of return of 9 percent.
The offering, to be completed by the end of July, would top the 260 million pounds raised by Greencoat UK Wind Plc in March. Since wind and solar plants in Britain benefit from government subsidies for clean energy, investors are able to earn a return that's more than triple that of government bonds.
Renewables Infrastructure "will give investors the potential to secure a long-term, stable, inflation-linked yield from a diversified portfolio of high-quality operational wind and solar assets," Chairman Helen Mahy said in the statement.
Greencoat shares have risen 6.6 percent since the stock debuted on March 22 at 100 pence.
The company has rights to buy assets built by Renewable Energy Systems Ltd, a power-plant developer owned by the construction company Sir Robert McAlpine Ltd. RES has built 120 wind-energy projects generating over 7,500 megawatts.
The new fund plans to acquire projects across northern Europe, according to the statement. After the IPO, Renewables Infrastructure will be managed by InfraRed Capital Partners Ltd, which has 14 infrastructure funds and US$6 billion under management.
"We have assembled a diversified portfolio of fully operational seed assets, which has been carefully constructed to provide a steady long-term yield," Richard Crawford, a director of infrastructure at InfraRed, said in the statement.
The company aims to acquire operating wind farms and solar parks in Britain, France and Ireland with a combined capacity of 276 megawatts, it said yesterday in a statement. The Guernsey-incorporated company targets a dividend of 6 pence a share and an internal rate of return of 9 percent.
The offering, to be completed by the end of July, would top the 260 million pounds raised by Greencoat UK Wind Plc in March. Since wind and solar plants in Britain benefit from government subsidies for clean energy, investors are able to earn a return that's more than triple that of government bonds.
Renewables Infrastructure "will give investors the potential to secure a long-term, stable, inflation-linked yield from a diversified portfolio of high-quality operational wind and solar assets," Chairman Helen Mahy said in the statement.
Greencoat shares have risen 6.6 percent since the stock debuted on March 22 at 100 pence.
The company has rights to buy assets built by Renewable Energy Systems Ltd, a power-plant developer owned by the construction company Sir Robert McAlpine Ltd. RES has built 120 wind-energy projects generating over 7,500 megawatts.
The new fund plans to acquire projects across northern Europe, according to the statement. After the IPO, Renewables Infrastructure will be managed by InfraRed Capital Partners Ltd, which has 14 infrastructure funds and US$6 billion under management.
"We have assembled a diversified portfolio of fully operational seed assets, which has been carefully constructed to provide a steady long-term yield," Richard Crawford, a director of infrastructure at InfraRed, said in the statement.
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