Blackfinch Renewables European Incomes Trust plc (BRET) has released the prospectus in relation to its planned $413 million initial public offerings (IPO) in the London Stock Exchange. BRET is a new closed-end investment trust based in Europe that will invest in renewable energy infrastructure. Blackfinch, a UK investment business, will be its investment manager.
The new venture plans to sell up to 413 million ordinary shares at $1 each to raise up to $413 million in gross proceeds. The initial public offering (IPO) began today and will end on September 30, 2021, and on October 1, 2021, the results will be announced. A placement programme will also be implemented, allowing the corporation to issue additional shares over the next 12 months.
According to the statement, Blackfinch already has GBP 232 million of seed assets under the option for acquisition. There are 21 construction-ready solar sites in Italy, as well as two assets in the United Kingdom, totaling approximately 300 MWp.
Furthermore, BRET will concentrate on less crowded European countries such as Portugal, Poland, the Czech Republic, Austria, and Hungary, with minor exposure to the United Kingdom. It will initially focus on solar, wind, and hydro projects, but it also wants to invest in assets such as hydrogen storage and central district heating.