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MADRID, April 8 (Reuters) - Spanish renewable energy company Opdenergy will seek to raise 400 million euros ($474.8 million) in a stock market listing to finance new solar and wind power projects, it said on Thursday.
Rising demand for environment-friendly investments has prompted companies to explore investor appetite for Spain’s under-exploited solar sector and more established wind power industry.
Interest is being spurred by government targets in line with international requirements to decarbonise economies and slow climate change.
Heavyweights Acciona and Repsol are working on spinning off their low-carbon energy businesses, with the former deciding to sell shares publicly while the latter is considering an IPO or a private stake sale.
One Opdenergy shareholder aims to raise 17 million euros by selling part of its holding, the company said. It did not specify when the IPO would take place, but sources told Reuters in March that the deal could launch in late April.
Opdenergy is working on projects in Spain, Italy, Britain, France, Poland, the United States, Chile and Mexico.
It has 13 solar parks and one wind farm in construction or operation and a portfolio of 3.7 gigawatts (GW) worth of capacity at an advanced stage of development.
Power output varies between technologies and consumer needs differ across markets, but one megawatt can power about 1,000 U.S. homes on average.
Citi and Santander are coordinating the Opdenergy deal, while Alantra, Bank of America , Berenberg and RBC Capital Markets are bookrunners. Evercore and Rothschild & Co are also advising the company.
Fellow clean energy developer Ecoener is also preparing to go public, but peer Capital Energy has decided against such a move, put off by the prospect of several similar deals and slipping valuations for some stocks in the sector.
($1 = 0.8425 euros)
Reporting by Inti Landauro Editing by Barbara Lewis and David Goodman