NextEnergy European Solar puts off EUR-300m IPO on market volatility
Solar farm in France. Featured Image: Mny-Jhee/Shutterstock.com
Due to recent difficult market conditions, newly formed yieldco NextEnergy European Solar Utility Plc (NEESU) is postponing its planned EUR-300-million (USD 328m) initial public offering (IPO) in London.
“Based on the positive feedback we have received to date from investors, we remain confident in the strength of our proposition and the merits of the transaction, and we look forward to returning to the market later in 2015,” CEO Michael Bonte-Friedheim said in a statement on Thursday.
NEESU will own and operate utility-scale solar energy assets in the EU, excluding the UK, with an initial focus on Italy and Spain. In June it said it has over 1.5 GWp of assets identified for potential acquisition.
The new close-ended investment company and alternative investment fund will be managed by the NEC Group.
Credit Suisse was appointed as global co-ordinator and bookrunner for the IPO on the Main Market of the London Stock Exchange (LSE).