Closed-ended investment firm VH Global Sustainable Energy Opportunities Plc (GSEO) plans to raise up to GBP 400 million (USD 528m/EUR 448m) through a newly-proposed listing in London.
The company, which will focus on investing in sustainable energy infrastructure including renewables, on Wednesday announced its plan to launch an initial public offering (IPO) on the Official List of the Financial Conduct Authority and Main Market of the London Stock Exchange. It anticipates raising the above-mentioned sum by way of an initial placing and offer for subscription of ordinary shares at an issue price of GBP 1 apiece.
Numis Securities Ltd is the sponsor and sole bookrunner in relation to the IPO. A prospectus is expected to be published in early January 2021, while the issue itself is seen to be completed by early February.
GSEO’s strategy is to invest in a diversified portfolio of assets located predominantly in countries that are members of the EU, OECD, OECD Key Partner Countries or OECD Accession Countries. It will categorise investments into four different "Pathways", including Addressing Climate Change, Energy Access, Energy Efficiency and Market Liberalisation.
The targeted assets should either be in operation, in construction or in a shovel-ready state and GSEO does not intend to invest in projects under development. The assets should also have operation and maintenance (O&M) agreements in place.
The investment adviser to the company will be London-based Victory Hill Capital Advisors LLP, which has already identified a significant pipeline of sustainable energy infrastructure assets, worth about GBP 1 billion in total, that could be acquired by GSEO. Victory Hill is currently negotiating some of these investment opportunities sourced from third parties.