Solar utility start-up Engyco progresses toward U.K. IPO, appoints notable board members

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With aspirations of becoming the first European-listed independent solar power utility company, Engyco has updated its commercial progress and announced several appointments to its board. The company plans to pursue a differentiated strategy, in which it will buy downstream solar assets on a de-geared basis (initially in Spain) and pay off existing project finance debt. The new firm, which is putting together an initial public offering on the London Stock Exchange,  says it already has signed agreements with vendors of solar assets producing 86MWp, worth approximately €640 million.

Engyco has engaged Numis Securities and Ambrian Partners as advisers for the IPO, with the intention of raising up to €1 billion in equity funding from institutional investors through admission to the Official List of the London Stock Exchange. 

The newly appointed board members include former executives from some of the leading solar PV and utility companies. 

John Roberts, who has worked for more than 25 years in top-level positions in a number of utility companies, will become Engyco’s nonexecutive chairman. Joining him as CEO will be Thomas Krupke, former CFO and CEO of Solon. Alexander Voigt, who will become executive vice chairman, cofounded Solon and was instrumental in the spin-off of Q-Cells from Solon in 1999. Coming on board as CFO will be Mark Kirkland, who worked as group finance director at Raven Mount Group and has considerable corporate finance and public market experience.

Other nonexecutive directors include the former chairman of Spain’s national grid company REE, Pedro Mielgo; former CEO of Northumbrian Water Group and current chair of Ecofin Global Utilities Hedge Fund, Martin Nègre; John Danilovich, former U.S. ambassador to Brazil and Costa Rica and recent CEO of the Millennium Challenge Corp.; noted global strategist Charles Gave, founder of the research firm Ceogest; and Thomas van Aubel, cofounder of Q-Cells and current chair of the supervisory boards of CSG Solar and Enligna.

Following the acquisition of assets, Engyco says it intends to use the technical expertise of its board and management team to make certain operational and financing improvements, in order to improve the productivity and economic returns of the acquired assets.

Roberts said he is “delighted to chair a board of such talent and experience. The opportunity that Engyco has identified is compelling and the team which has been assembled to pursue it could not be stronger.”

“The assets which we intend to manage enjoy both favourable operating conditions and a highly attractive pricing regime. I am confident that we will be successful in achieving our objectives, including that of becoming the first UK-listed solar utility,” he concluded.

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