RENEWABLES Infrastructure Group, an investment firm focusing on onshore wind and solar power assets, has unveiled plans to raise up to £300 million through a stock market flotation.
The company said it would use the proceeds to buy an initial 276 megawatt portfolio of 14 onshore wind farms and four solar parks in the UK, France and Ireland.
Its investment manager will be InfraRed Capital Partners, which manages HICL, the £1.5 billion infrastructure investment company and the assets will be managed by Renewable Energy Systems (RES), a privately-owned sister company of construction and civil engineering group Sir Robert McAlpine.
Jaz Bains, director of risk and investments at RES, said: “Having been involved in all aspects of the development and operation of renewables over 30 years, we are very excited to be playing a leading role in bringing these assets to new investors.”
RES last month sold a 33-turbine wind farm project in the Highlands to Perth-based energy group SSE, which plans to invest about £200m in the site, near Loch Mhor and the Monadhliath mountains.
Renewables Infrastructure, which has applied to list on the main market of the London Stock Exchange, expects its shares to start trading towards the end of next month. Canaccord Genuity and Jefferies International are acting as joint sponsors and bookrunners for the IPO.
Its plans follow hot on the heels of wind farm investment fund Greencoat UK Wind, which raised £260m when it came to the market in March. Greencoat, which has a 50 per cent stake in the Braes of Doune wind farm near Stirling, floated to buy renewables assets from SSE and RWE.