JSM Financial has learned that in its drive to become the UK’s first listed solar utility, Engyco will attempt to raise over $1.35 billion for investment through an IPO.
Sources close to the situation indicate that investment bank and broker, Numis is handling the listing of the company which plans to acquire $4.05 billion (€3 billion) of assets over the next 3 years by consolidating operations across the fragmented solar energy sector.
The company’s initial investment focus is believed to be on making investments in Spain, one of the biggest solar producers globally, JSM Financial has learned, as well as other southern European countries including Italy before spreading its interest across the rest of the rest of the continent.
Engyco appointed former Solon Chief executive Thomas Krupke as its new Chief Executive recently and announced that it had agreements in place to purchase solar assets currently producing 86MW for around $864 million (€640 million).
"I am confident that we will be successful in achieving our objectives, including that of becoming the first UK listed solar utility," JSM believes the firm’s chairman was recently quoted as saying.
