New Energy Solar targets $230m from upcoming listing
Australian company New Energy Solar said it hopes to raise up to AUD300m ($230m) via a listing on the Australian Stock Exchange. In filings to the Australian Securities & Investments Commission, New Energy Solar said its public offering comprised a retail offer, running from 10-27 November, followed by an institutional offer. The company aims to raise AUD200m, with the possibility of another AUD100m if oversubscribed. The funds will be used to finance the portfolio acquisition from Cypress Creek Renewables, as well as future opportunities.
Australian investment company New Energy Solar is targeting up to AUD 300 million (USD 230m/EUR 198m) in proceeds through its upcoming listing on the Australian Stock Exchange, it said on Thursday.

The company and Walsh & Co, the representative of the New Energy Solar Fund, have filed with the Australian Securities & Investments Commission (ASIC) an offer document for the public offering of stapled securities and options. They hope to raise up to AUD 200 million and possibly accept oversubscriptions for a further AUD 100 million, a news statement says.

The offering will consist of a Retail Offer, scheduled to open on November 10 and expected to close on November 27, and an Institutional Offer. The final price of the stapled securities that will be issued is to be determined by an institutional bookbuild.

New Energy Solar plans to use the proceeds from the offering to finance the recently-announced acquisition of a solar portfolio in the US from Cypress Creek Renewables (CCR). The said portfolio includes 14 solar projects in North Carolina and Oregon that should be completed by the end of next year.

A portion of the proceeds may also be used to fund future opportunities, including a currently reviewed project pipeline that represents a direct current (DC) capacity of more than 3,000 MW in Australia and the US.

New Energy Solar presently owns two solar plants in North Carolina and a further two in California with a combined DC capacity of 225 MW.

(AUD 1.0 = USD 0.766/EUR 0.661)

Choose your newsletter by Renewables Now. Join for free!