Ipo26 Feb 2021 16:46
Ticker will be NREN.
Info for anyone interested
NextEnergy Renewables Limited ("NREN") is a differentiated renewables investment company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. NREN's ambition is to increase the global renewable energy supply through established clean energies available today, whilst taking exposure to new key transformative energy transition infrastructure (such as hydrogen and battery storage) to help tackle climate change whilst reducing the global use and reliance on fossil fuels.
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Company announcement
NREN is seeking to raise up to £300m by way of a placing, offer for subscription and intermediaries offer. NREN is targeting total returns of 9-11% p.a. The Board is targeting a total dividend for the first full financial year to 31 December 2022 of 5.5 pence per Ordinary Share, with a target total dividend of 3.0 pence per Ordinary Share in relation to the period from Initial Admission to 31 December 2021. The Board will aim to increase the dividend progressively in subsequent financial years.
Use of proceeds
Immediate attractive capital deployment targets identified, including instant access to NextPower III LP ("NPIII"), and co-investment opportunities with NPIII via the seed portfolio. NPIII is an ESG fund targeting operational and new-build solar assets primarily backed by long-term PPAs in OECD countries. The Company will be able to immediately invest up to 30 per cent. of the Initial Gross Proceeds in NPIII. Over time the Company will target a balanced portfolio equally split across NextEnergy Funds, Third Party Vehicles and Direct Investments.