MADRID, April 7 (Reuters) - Spanish renewable energy firm
Ecoener plans to raise about 200 million euros ($237 million)
through a stock market listing to fund the expansion of its wind
farms, solar parks and hydroelectric plants.
It joins a roster of Spanish energy groups aiming to
capitalize on investor demand for environmentally-friendly
assets, boosted by international targets to reduce economic
reliance on carbon and stem climate change.
Ecoener, which manages projects with a combined capacity of
141 megawatts (MW), said on Wednesday it will submit a
prospectus to Spain's market regulator, a first step towards a
listing, but did not say when it planned to sell shares.
Founded in 1988, Ecoener has a further 142 MW in
construction and 1.5 GW in planned future developments across 11
countries. Half its installed capacity is wind, 37%
hydroelectric and the rest solar.
Sun-kissed Spain, which aims to add 60GW in new renewable
capacity this decade, is home to companies with a track record
for developing clean power internationally, including Acciona
, which plans to list a stake in its own energy unit.
Energy group Repsol is also considering offering a
stake in a new low-carbon unit on the public market. An industry
source said rival Eni could make a similar move in
Expectations of a glut of deals of this kind, combined with
a recent drop in stock market valuations for renewable energy
companies, prompted fellow IPO candidate Capital Energy to bow
out of the race this week.
Ecoener, which is currently fully owned by founder and
chairman Luis de Valdivia, has hired Societe Generale
as global coordinator to help take it public.
Banco Sabadell, Caixabank, Credit
Agricole and HSBC will act as joint
bookrunners, while Banco Cooperativo Espanol will be co-lead
manager on the proposed listing.
($1 = 0.8424 euros)
(Reporting by Isla Binnie; Editing by Kirsten Donovan and