Tuesday, June 17, 2008

Fitch Positive on Renewable IPOs by European Utilities

From Research Recap:

Recent renewable energy company IPOs by integrated European electricity utilities have enabled these companies to strengthen their financial profiles and raise alternative funding for future investments amid cost inflation, according to Fitch Ratings.

This month, Energias de Portugal (Euronext Lisboa: EDP), floated 25% of its renewable business, which includes US subsidiary Horizon and European unit NEO, for EUR 1.6bn (excluding greenshoe). This followed IPOs of Iberdrola (Madrid: IBE) renewables arm Iberdrola Renovables (20% IPO) in December 2007 and the 25% IPO of EDF Energies Nouvelles (Euronext Paris: EEN) in November 2006....MORE