Price ranges were announced for two high-profile cleantech IPO’s yesterday.
Massachusetts-based wind power developer First Wind Holdings will begin trading shares on the Nasdaq Monday under the ticker "WIND."
The company intends to sell 12 million shares in a price range of $24 to $26 each, which could raise as much as $312 million.
First Wind has said it will use roughly $100 million to make payments on loans or retire them.
Earlier this year First Wind received a $117 million loan guarantee from the Department of Energy to build a 30-megawatts (MW) wind farm in Hawaii.
The company also has completed the first 200-MW phase of a Utah wind farm that supplies power to the city of Los Angeles. And they are expanding the Stetson Wind project, which was the first utility-scale wind farm in Maine.
First Wind reported operating losses of $64.3 million in 2008 and $57.1 million in 2009. In March, the company said it had assets of $1.7 billion–including $31.4 million in cash–while holding $523 million in long-term debt.
Enel Prices IPO
Italian power group Enel SpA (ENEL.MI) hopes to raise up to EUR 10.5 billion ($14.8 billion) when it sells up to 32.5% of its green power development unit in an upcoming IPO.
The company priced shares in Enel Green Power SpA at EUR 1.8 to EUR 2.1 each. The shares will be traded on the Milan stock exchange.
Enel intends to use the funds to pay off debt. The debut is expected to be one of the largest ever in the renewable energy industry.
Read Bloomberg Businessweek coverage at the link below.
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