Monday 1 February 2021 7:27 am

Renewables firm Next Energy set for London IPO

Renewables firm Next Energy has this morning announced that it will list on London’s main market.

The company is seeking to raise £300m at an issue price of £1 per share.

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Founded in 2007, the investment company has around $2.3 in assets under management around the world.

It invests both in established renewable energy sources and new developments such as hydrogen and battery storage.

It has already set up a fund to focus on operating and new-build solar developments , with a target size of $750m.

Next Energy is targeting returns at a rate of 9-11 per cent per year, with an initial target dividend of 5.5p.

The firm intends to publish a full proposal for the IPO in February.

Chair Anne Wade said: “It gives me great pleasure to announce Next Energy Renewables Limited’s intention to float on the London Stock Exchange with an IPO which we believe offers a truly unique investment opportunity for the renewable and transition energy investment market. 

“The Next Energy Renewables fund will provide the opportunity to immediately invest through our seed funding into the NextPower III ESG fund, which has a significant portfolio of international solar assets, and in time look to further diversify the portfolio through investment into both private platforms and direct investment through co-invested opportunities.”

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