Wind power investment company Caparo Energy yesterday raised £50.2m to finance wind farms in India with a successful listing on London’s junior stock market.
Caparo placed 43,636,000 new shares on the Alternative Investment Market (AIM), representing 26.7 per cent of its share capital and giving it a market value of about £188.2m. The shares ended the day at 117.5p.
Strand Hanson acted as nominated adviser on the listing and Mirabaud Securities was the group’s broker.
The Guernsey-based company hopes to buy and develop a portfolio of wind farms able to produce up to 5,000 megawatts of power. It plans to develop farms able to generate 3,000 megawatts by 2016 and a further 2,000 megawatts by 2017.
Caparo has struck a deal with wind turbine generator maker Suzlon Energy for the first phase and is in advanced talks to acquire land and turbines for phase two.
The Indian government plans to double the country’s power generation to 342 gigawatts and to more than treble its clean energy generation to 54 gigawatts by 2017.