The 300MW Cestas project in France. SOurce: Neoen.
French developer and independent power producer (IPP) Neoen will look to raise in excess of €620 million (US$713 million) when it floats on the Paris stock exchange.
In addition to the €450 million (US$518 million) made available, its existing majority shareholder, Impala, will purchase just over €170 million of shares to retain that position, according to the prospectus document.
The shares will be priced between €16-19 (US$18.4 - 21.9).
If the offering is heavily subscribed Impala and its fellow investor Bpifrance Investissement will buy more shares to protect their positions potentially driving up the value of the raise to more than €710 million (US$817 million), according to a report by Reuters.
In a registration filing for the IPO, lodged in September, Xavier Barbaro, CEO of Neoen, said: “Our initial public offering is designed to finance our growth to achieve total capacity in operation and under construction of at least 5GW by the end of 2021. It is with great enthusiasm that we initiate this planned offering, which will enable us to remain an independent player in the market while welcoming new investors to join our long-standing shareholders.”
The firm currently has 2GW of wind, solar and biomass in operation or under construction and a further 1GW contracted.
Neoen was behind the 300MW Cestas PV project in France, the largest in Europe at the time of its connection. It operates in Australia, Mexico, the US and across Europe.