MADRID, April 8 (Reuters) - Spanish renewable energy company Opdenergy said on Thursday it will seek to raise 400 million euros ($474.80 million) in an initial public offering on the Madrid stock market to finance new solar and wind power projects.
Rising demand for environmentally-friendly investments has prompted a series of IPOs in Spain as rivals, including heavyweights Acciona and Repsol, seek to tap investor appetite for Spain’s under-exploited solar and more established wind sector.
Interest has been spurred by government targets in line with international requirements to decarbonise economies and slow climate change.
Shareholders representing 15.64% of Opdenergy also plan to sell some of the shares they own during the IPO, the company said. It did not specify when the IPO would take place.
Citi and Santander are coordinating the deal, while Alantra, Bank of America, Berenberg and RBC Capital Markets are bookrunners. Evercore and Rothschild & Co are also advising the company.
$1 = 0.8425 euros Reporting by Inti Landauro; editing by Barbara Lewis