Silver Ridge Power Inc. pulled its C$150 million ($148 million) Canadian initial public offering due to market conditions.
Silver Ridge, a solar-power plant company formed by AES Corp. and private-equity firm Riverstone Holdings LLC, announced the withdrawal today in a statement. Silver Ridge failed to complete its sale even after paring the initial IPO amount from C$175 million and cutting the share price on May 9.
Silver Ridge planned to use the proceeds to acquire solar plants and projects owned by AES Solar Energy Ltd., a March 2008 joint venture of Arlington, Virginia-based AES and New York-based Riverstone, according to regulatory filings.
Becky Cranna, Silver Ridge’s chief financial officer, didn’t immediately return a telephone message seeking comment.
Royal Bank of Canada, Bank of Montreal and Goldman Sachs Group Inc. led the sale.
Silver Ridge’s withdrawal comes after Oryx Petroleum Corp. had to reduce its initial stock sale by 29 percent to C$250.5 million earlier this month amid weak demand.