Solar developer NextEnergy Renewables (NREN) is to launch an initial public offering and will seek admission to the London Stock Exchange.
The company wants to raise up to £300m through the share placement that would get underway this month and wrap up in March.
NREN will be managed by NextEnergy Capital IM Limited, a global specialist investment manager in the renewable energy sector and part of NextEnergy Group.
NREN is a “differentiated renewables investment company” that aims to capture the “most attractive” private renewables and energy transition infrastructure investment opportunities globally.
The company said its ambition is to increase the global renewable energy supply through established clean energies available.
It intends to provide investors with “attractive long-term regular income and capital appreciation”. NREN is targeting total returns of 9-11 per cent per annum.
The company expects to publish the prospectus in relation to the IPO in early February.
J.P. Morgan Cazenove is acting as Global Coordinator and Joint Bookrunner, Kempen & Co is acting as Joint Bookrunner and Dickson Minto W.S. is acting as Sponsor.
NextEnergy Renewables chair Anne Wade said: “It gives me great pleasure to announce NextEnergy Renewables Limited’s intention to float on the London Stock Exchange with an IPO which we believe offers a truly unique investment opportunity for the renewable and transition energy investment market.
The NextEnergy Renewables fund will provide the opportunity to immediately invest through our seed funding into the NextPower III ESG fund, which has a significant portfolio of international solar assets, and in time look to further diversify the portfolio through investment into both private platforms and direct investment through co-invested opportunities.”