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Renewables Infrastructure Group to Raise GBP300M in London IPO

Renewables Infrastructure Group to Raise GBP300M in London IPO
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Πεμ, 27 Ιουνίου 2013 - 16:26
The Renewables Infrastructure Group, a newly incorporated Guernsey investment company focusing on onshore wind and solar photovoltaic energy generation assets, said Thursday it plans to raise up to 300 million pounds to buy a portfolio of onshore wind and solar PV energy generation assets, and list on the Main Market of the London Stock Exchange.
The Renewables Infrastructure Group, a newly incorporated Guernsey investment company focusing on onshore wind and solar photovoltaic energy generation assets, said Thursday it plans to raise up to 300 million pounds to buy a portfolio of onshore wind and solar PV energy generation assets, and list on the Main Market of the London Stock Exchange.

MAIN FACTS:

-Company will invest at launch in a portfolio of fully operational onshore wind and solar energy generation assets in the U.K. , France and Ireland .

-Company intends to acquire further investments in the future in the U.K. and other Northern European countries (including France , Ireland , Germany and Scandinavia ).

-Company intends to sign agreements, effective on admission, to acquire a 276 MW (output capacity) 100%-owned initial portfolio of fourteen onshore wind farms and four solar PV parks located in the U.K. , France and Ireland .

-Company will have a right of first offer over a pipeline of assets developed by Renewable Energy Systems Ltd., a developer of renewable assets, worth an estimated GBP200 million in enterprise value annually.

-It is expected that a prospectus will be published, and that the placing and offer for subscription will open in early July and that the IPO will close and Ordinary shares start trading late July.

-Canaccord Genuity Ltd. and Jefferies International Ltd. are acting as joint sponsors and bookrunners in relation to the IPO. fareas�Ln-�7�7imes New Roman";mso-bidi-font-family: "Times New Roman";color:black;mso-ansi-language:EN-GB;mso-fareast-language: EL;mso-bidi-language:AR-SA'>Egypt has so far been unable to provide a guarantee for the payments to Libya , which is concerned about the political and economic turmoil in the country. Even with a letter of credit from the NBE, Libya is still reluctant to give a stamp of approval.

"The National Bank of Egypt . It's not a triple A bank," said a Libyan official familiar with the deal. This means that going through with the deal on that basis, "will require...guarantees from the central bank of Libya ," the official said.

The official said the Libyan Foreign Bank--in charge of providing a $1 billion credit line for the country's National Oil Co.--was concerned that exposure to such large risks in the EGPC deal would impede its own financial flexibility, especially when it comes to issuing letters of credit to other commercial partners.

The Egyptian fuel crisis has compounded broader economic problems in the country, which in 2011 overthrew the government of President Hosni Mubarak in a popular uprising. Egypt 's current government, which is dominated by Islamist party the Muslim Brotherhood, is short of funds and has been negotiating a $4.8 billion loan with the International Monetary Fund, which analysts and investors say is critical for the country. IMF officials left Cairo in April without agreeing on the terms of the loan.

Iraq has also offered 4 million barrels of oil a month to Egypt , with payment deferred for three months with no interest incurred. However, the country's oil minister, Abdul Kareem Luaiby, said last month the deal will be completed only if the North African country provided a letter of credit "opened in internationally recognized banks prior to the supply, but Egypt has so far [been] unable to open such letter of credit."

Egypt 's energy import needs are rising because of a drop in its own hydrocarbon production, stemming from a slowdown in exploration over several years of civil unrest. EGPC has also been paying hefty premiums to import fuel because of the weaker Egyptian pound. It is struggling to pay debts of about $5 billion to foreign energy companies, according to officials familiar with the situation.

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