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The IPO of the UK's NextEnergy Solar Fund, completed this week, could mark the end of a spurt of listings from renewable energy funds, as investors appear to have sated their appetite for new names. NextEnergy planned to raise up to Pounds 150m through its IPO, but lowered its expectations and the deal brought in proceeds of Pounds 85.6m.
The IPO was led by Cantor Fitzgerald as financial advisor and lead bookrunner, and Shore Capital as sponsor and joint bookrunner,
"The fundraising from the sector was particularly busy when we were out," Michael Bonte-Friedheim, chief executive of NextEnergy Capital, told GlobalCapital. "We were one of the names that raised the most third party capital, and we are pleased with that success. Our IPO is likely to be one of the last from the sector for a while. It has been very crowded and investors are now looking to those funds already out there to demonstrate their results, rather than hoping to back new players."
NextEnergy is the fifth renewable energy fund to list in the UK following IPOs from The Renewables Infrastructure Group (TRIG), Greencoat UK Wind, John Laing Environmental Assets Group and Bluefield Solar Income...