Engyco: Seeks Cash For Spain Solar Projects With Planned IPO
March 23 2010 - 8:43AM
Dow Jones News
U.K.-based solar energy developer Engyco said Tuesday it is
progressing with plans for a listing on the London Stock Exchange,
aiming to raise up to EUR1 billion to invest in existing
power-producing photovoltaic operations, initially in Spain.
The company, which already has agreements from vendors for
EUR640 million of solar assets in Spain with a capacity of 86
megawatts, is aiming to become the U.K.'s first listed independent
solar power utility.
Engyco aims to list in London at the end of April or in early
May to raise funds for cash purchases of solar assets, Engyco
Chairman John Roberts said.
"The opportunity that Engyco has identified is compelling and
the team which has been assembled to pursue it could not be
stronger," Roberts said in a statement. "The assets which we intend
to manage enjoy both favorable operating conditions and a highly
attractive pricing regime."
The planned listing is a bold move, as solar companies globally
have suffered more than other sectors in renewable energy from the
financial downturn and the credit crisis. As a result, flotations
of such companies have been scarce.
But if successful, the company could take advantage of projects
in Spain, where the attractive incentive regime through
feed-in-tariffs that are fixed for the lifetime of the project is
coupled with the abundance of projects available from companies
that want to sell their non-core assets in solar.
Engyco also announced a series of appointments to its board,
including Thomas Krupke to the post of chief executive officer.
Krupke was previously chief executive at Germany's solar module and
photovoltaic manufacturer Solon SE (SOO1.XE). Pedro Mielgo,
formerly chairman of Spain's national grid company Red Electrica de
Espana, a subsidiary of Red Electrica Corp. SA (REE.MC), will be a
non-executive director at Engyco.
Ambrian Capital PLC (AMBR.LN) Chief Executive Tom Gaffney told
Dow Jones initial interest from potential investors has been
encouraging.
Engyco has appointed Numis Securities Limited and Ambrian
Partners as advisers.
Company Web site: http://www.engyco.com
-By Selina Williams, Dow Jones Newswires +44 207 842 9262;
selina.williams@dowjones.com
(Jason Douglas contributed to this story.)
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