January 17 (Renewables Now) - A renewable energy platform formed last year by energy infrastructure investor LS Power has now filed for an initial public offering (IPO) on the Nasdaq Capital Market.
The firm, called REV Renewables Inc, describes itself as an “emerging growth company” that is majority-owned by LS Power Development LLC and its affiliates. LS Power created the platform last summer to house an initial 2.4 GW of operating energy storage, solar and wind assets, while in October, SK E&S Co Ltd, part of South Korean industrial conglomerate SK Group, agreed to invest up to USD 400 million (EUR 350m) in it. The initial USD-300-million investment closed in December.
REV Renewables says in a filing with the US Securities and Exchange Commission (SEC) that a unit of SK E&S has agreed to purchase USD 100 million worth of common stock at the IPO price in a concurrent private placement. The US company plans to use the net proceeds of both transactions to finance some USD 150 million-200 million in capital expenditures related to its battery storage construction and development projects in California this year. A portion will also be spent on the repayment of amounts outstanding under a credit agreement.
In the document, the renewable energy firm reiterates it owns about 2.4 GW of assets in the US, including 290 MW/725 MWh of battery storage, 1,642 MW of pumped-storage hydropower plants, 365 MW of solar parks and a 132-MW wind farm. It also has a pipeline totalling 10.5 GW of solar, wind and battery storage projects in various stages of development.
REV Renewables expects to list its common stock under the symbol “RVR.”