January 17 (Renewables Now) - Spanish engineering and industrial construction company TSK Electronica y Electricidad SA is exploring a potential initial public offering (IPO) for its renewables business Estudios y Energias Renovables SA (ESERSA) in June or July, business news outlet CincoDias reported on Friday, citing finance sources.
The engineering group is said to be working on ESERSA’s valuation, which reportedly ranges between EUR 300 million and EUR 400 million (USD 333.6m-USD 444.8m), according to CincoDias.
Banks that would shepherd the stock market launch have not yet been hired, sources told the news outlet. Other previously considered options for ESERSA, such as the direct sale of all or part of the business or its merger with a listed company, are still on the table.
According to TSK’s last available finance report, ESERSA had 50 MW of solar assets in operation and 300 MW more under construction at the end of 2018, with 2,000 MW of solar and wind projects in development.
(EUR 1.0 = USD 1.11)