Renewable energy IPP DESRI files for IPO to raise US$100m

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DESRI has a portfolio of 6,468MW of contracted renewable energy projects. Image: Endesa.

US independent power producer DESRI is planning to raise up to US$100 million in an initial public offering (IPO) that will see the company listed on the Nasdaq.

The transaction includes share sales from existing shareholders in the company, which will be listed under the ticker symbol ‘DESR’ when the IPO is completed. Pricing terms have not been disclosed.

New York-headquartered DESRI said it would use part of the proceeds to fund the development and construction of renewables plants as well as to potentially fund project acquisitions and “other strategic opportunities”.

Goldman Sachs and BofA Securities are joint bookrunners on the deal.

DESRI’s co-founders launched the company in 2010 as a new business within the D. E. Shaw group, a global investment and technology development firm.

The IPP develops, constructs, owns and operates renewable energy projects across the US, with a primary focus on utility-scale solar. As of September 2021, its portfolio of utility-scale renewables assets includes 67 solar, wind and battery storage projects in 25 US states representing 6,468MW of capacity across contracted pre-construction, construction and operational phases.

The company also has an uncontracted development pipeline of more than 11GW of renewable power generation projects and over 1GW of energy storage installations.

In an IPO prospectus, DESRI touted its ability to secure consistent revenue streams from power purchase agreements (PPAs), some with terms of more than three decades.

Last October saw the company close debt and tax equity financing for a 149MWac PV project in Michigan and sign a PPA for a 160MWac solar plant in Virginia that will help to power Facebook data centres.

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