Lightspeed Solar Partners launches USD-250m IPO in London

US-based solar investor Lightspeed Solar Partners PLC on Monday kicked off its floatation on the London bourse through an initial public offering (IPO) targeting up to USD 250 million (EUR 227.2m).

The transaction envisages the issue of up to 250 million ordinary shares at USD 1 apiece, with funds from it intended to be used for financing Lightspeed Solar’s initial portfolio acquisitions, repayment of pre-existing debt within that portfolio and for future investments. Once the placement is completed, a separate share placing programme will be launched, according to a bourse filing. It will enable Lightspeed Solar to raise additional funds by issuing additional ordinary and/or C shares for acquisitions, in line with its investment strategy.

Set up in 2015, Lightspeed Solar’s goal is to create a diversified portfolio of US Solar assets, mostly in the commercial and residential sectors, which it says are less targeted with investments. The company has already agreed to buy majority stakes in a portfolio of 11 solar assets totalling 52.9 MW in the US, which will become its seed portfolio, and also has access to a pipeline of additional assets with a combined capacity of 1.2 GW. The initial portfolio, to be purchased from an unnamed vendor, contains operational solar photovoltaic (PV) plants having in place power purchase agreements (PPAs) with 17 different utility and commercial offtakes across three US states.

The US firm will seek to list its stock on the specialist fund segment of the main market of the London stock exchange, with dealings expected to begin on October 22. Results of the IPO are to be announced on October 17.

(USD 1.0 = EUR 0.909)

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