First published in Cleantech Infocus: 2010 - Equity Deals of the Year, January 2011. Copyright Cleantech Investor Ltd
Renewable energy generators were successful at raising funding in emerging markets during 2010. China saw IPOs on the Hong Kong Stock Exchange by China Datang Corp. Renewable Power Co. (the country’s second largest wind power producer) and China Suntien Green Energy Corporation (which focuses on northern China and develops wind and natural gas generation). India’s Caparo Energy listed on the London Stock Exchange’s AIM market, while India’s Orient Green Power Co. saw its shares list in Mumbai.
In Sao Paulo, Renova Energia, which generates energy from wind and mini hydro, also raised funding. Meanwhile, Europe saw a high profile deal with the listing of Enel Green Energy in Italy.
However, a number of planned renewable energy IPOs were cancelled or postponed during the year due to the difficult market conditions. The US saw the shelving of the planned IPO of First Wind Holdings of Boston. In Europe, Renovalia Energy of Spain, which operates solar and wind power plants, postponed its planned IPO. And even China wasn’t immune from the difficult environment. Huaneng Renewables, a unit of China Huaneng Group Corp., was forced to scrap its planned IPO on the Hong Kong stock exchange.
Caparo Energy Limited
IPO – AIM, London
Caparo Energy, an independent power producer in India, was admitted to the AIM market in October, raising £50.2 million in a placing of 43.6 million shares. Caparo plans to act as a consolidator in the fragmented Indian wind energy market. The company aims to build a portfolio of wind farms with capacity of 5,000MW by 2017.
China Datang Corp. Renewable Power Co.
IPO – Hong Kong
China Datang Corp. Renewable Power is China’s second largest wind power producer by capacity. The company listed its shares on the Hong Kong Stock Exchange in December after an IPO priced at HK$2.33, raising $643 million. The company’s wind capacity was estimated to have reached 4,000MW by the end of 2010 and is expected to rise by 2,000MW annually.
China Suntien Green Energy Corporation Limited
IPO – Hong Kong
Chinese wind power developer, China Suntien Green Energy, raised HK$2.86 billion (US$369 million) through a listing on the Hong Kong Stock Exchange in October at a price of HK$2.66 per share. The company, which is based in Shijiazhuang, Hebei Province, in Northern China, aims to build wind farms and to develop natural gas projects. It is controlled by Hebei Construction & Investment Group, the investment arm of the Hebei Province (the region which encircles the municipalities of Beijing and Tianjin).
Orient Green Power Co. Ltd
IPO - Mumbai
Shares in Orient Green Power, an Indian renewable energy project developer, were listed in Mumbai in September. The listing raised INR4.7 billion for the company at a price of 47 rupees– the largest public equity deal to date by an Indian renewable energy company. Orient Green’s energy portfolio is dominated by wind, which constitutes more than three quarters of the total. Of the remainder, biomass accounts for just over 20% and the balance is small hydro projects.
Renova Energia S.A.
IPO - Sao Paulo
Renova Energia shares were listed in Sao Paulo in July, in an IPO which raised BR172.5 million. Renova generates power from small hydro (with three operational installations – capacity of 42MW) and wind (it has 20 wind farms in the state of Bahia – capacity of 423MW). A host of other projects are at the development stage.
Enel Green Power SpA
IPO - Milan
Enel Green Power, which generates electricity from wind, solar thermal and hydro, was valued at €7.85 billion on its listing in Milan in November. The listing of the company, which was spun out from Italy’s biggest utility, Enel, marked Europe’s largest IPO since 2007. Enel Green is active in renewables in the US, Spain, Greece and Romania as well as its core Italian market. Enel Green Power has capacity from renewables of close to 5,800MW and operates from approximately 600 sites around the world.
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