Home Business & Finance ContourGlobal Is Said to Plan $1 Billion Power IPO in London
ContourGlobal Is Said to Plan $1 Billion Power IPO in London

ContourGlobal Is Said to Plan $1 Billion Power IPO in London

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ContourGlobal LP is planning an initial public offering that could raise as much as $1 billion, according to people familiar with the matter, amid a wave of investor interest in renewable energy companies. The firm has selected JPMorgan Chase & Co. and Goldman Sachs Group Inc. to work on a potential listing in London, the people said, asking not to be identified as the details aren’t public. Rothschild & Co. is acting as financial adviser on the sale, they said. No final decisions have been made and the plans could change, they said. Representatives for JPMorgan, Goldman Sachs and Rothschild declined to comment. ContourGlobal didn’t immediately respond to requests. The listing could be the first large power company to hold an IPO in London in at least a decade, according to data compiled by Bloomberg. There’s been a surge in interest in renewable energy companies during the last 12 months with 21 companies in the industry listing and raising $4.7 billion, the data show. That’s up from $761.1 million from 14 IPOs in the previous year.
ContourGlobal generates power through its thermal generation group, which includes more traditional sources of fuel such as natural gas and coal, and its renewable generation unit, which uses wind, solar and hydropower. The company has operations in Europe, Africa and Latin America and was founded in 2005 by Chief Executive Officer Joseph Brandt and Reservoir Capital Group, according to its website.

Source:Bloomberg

 

Anand Gupta Editor - EQ Int'l Media Network

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