Wind companies ready to brave the capital markets
Finance experts expect more initial public offerings (IPO) in the wind energy sector in 2014 after a year in which half a dozen companies on both sides of the Atlantic successfully raised nearly $2.3 billion by tapping the public equity markets.
"It is hard to really predict how many will come out of the gate and actually get done. But there are 10-20 companies out there working on it, wondering if this is good source of low-cost capital for them and if they have what it takes to make a placement like this," says Michael Eckhart, global head of environmental finance with Citigroup.
British fund Greencoat UK Wind started a wave of IPOs in March 2013, raising £260 million ($433 million). NRG Yield in the US and the Renewables Infrastructure Group (TRIG) in the UK followed in July with offerings of $431 million and £300 million, respectively. Canada's TransAlta Renewables completed a C$221 million (US$200 million) share sale in August, California-based Pattern Energy raised $352 million in October, and the UK's Infinis rounded up the year with a £234 million share sale in November.
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