US energy firm reveals plans to cross the pond for London float

 
Courtney Goldsmith
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ContourGlobal has assets in thermal and renewable power generation
ContourGlobal has assets in thermal and renewable power generation (Source: ContourGlobal)

US energy firm ContourGlobal has revealed plans to raise around $400m (£304m) through an initial public offering (IPO) on the London Stock Exchange next month.

The wholesale power generation business, which operates 69 renewable and thermal energy generators across Europe, Latin America and Africa, expects to have a free float at least 25 per cent of its issued shares.

The listing may also include a partial sale of shares held by major shareholder Reservoir Capital Partners.

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Contour was founded 12 years ago and has expertise across wind, solar, hydro and thermal generation.

In 2016, Contour generated $905.2m of combined revenue and $440.4m of adjusted earnings before interest, tax, depreciation and amortisation (Ebitda).

Joseph Brandt, chief executive of ContourGlobal, said:

A listing on the London market will support the company in the next phase of growth as we seek to double our adjusted Ebitda to more than $1bn within five years. The capital raised at IPO will enable us to strengthen our balance sheet while providing further flexibility to fund already identified growth opportunities.

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