Chorus Clean Energy AG, a German operator of wind and solar plants, plans an initial public offering on the Frankfurt stock exchange this year.
Chorus, based in Neubiberg near Munich, will issue 100 million euros ($111 million) of new stock and sell existing shares from individual holders amounting to about 4.2 percent of the current share capital, it said in a statement. The company targets its first day of trading in the third quarter.
“By going public, we intend to strengthen our capital base and improve our financial flexibility for further growth,” Chief Executive Officer Holger Goetze said. “For the acquisition of new solar and wind parks, we can draw on a project pipeline in several European core countries with a nominal capacity of more than 600 megawatts.”
Chorus operates 250 megawatts of wind and solar parks in Germany, Italy, France, Austria and Finland. It owned 509.3 million euros of assets at the end of last year and generated profit before taxes of 7.9 million euros in 2014. The founders and management, who own 23 percent of the company, have committed to a lock-up period of 18 months for their shares after the IPO, it said.