Terra Firma-Backed Infinis Raises $376 Million in London

Infinis Energy Plc, a renewable-energy company backed by financier Guy Hands, raised 234 million pounds ($376 million) in its London initial public offering after pricing shares at the bottom of the range.

Infinis at 260 pence per ordinary share values the Northampton, England-based company at 780 million pounds, the U.K.’s largest generator of power from landfill gas said today. That compares with an initial range of 260 pence to 310 pence.

Hands’s Terra Firma Capital Partners Ltd. is among the private equity companies plowing money into green energy with its investment in Infinis, the U.K.’s third-biggest renewable power producer. Global volumes of sales from private equity-backed listings this year have almost doubled, according to data from Ernst & Young LLP.

Infinis is involved in 147 sites including 121 landfill gas areas and 16 land wind farms. It has 600 megawatts more of turbines under development and produced about 7 percent of the U.K.’s renewable power in the year through March, it said. Its chairman is Ian Marchant, former chief executive officer of Britain’s second-biggest energy supplier SSE Plc.

The offer comprised 90 million ordinary shares excluding over-allotments, representing 30 percent of the company’s share capital on admission, according to the statement. Terra Firma holds 69 percent of ordinary shares that will be reduced to 65 percent should an over-allotment option be exercised.

Conditional trading started today on the London Stock Exchange under the symbol INFI. The company is expected to begin trading with 300 million ordinary shares on Nov. 20.

To contact the reporter on this story: Sally Bakewell in London at sbakewell1@bloomberg.net

To contact the editor responsible for this story: Randall Hackley at rhackley@bloomberg.net

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