Sol-Wind Renewable Seeks $100 Million Initial Public OfferingEhren Goossens
Sol-Wind Renewable Power LP, a company that plans to acquire and own solar and wind power generation assets, is seeking to raise up to $100 million in an initial public offering on the New York Stock Exchange.
Sol-Wind will acquire interests in a portfolio of 184.6 megawatts of solar and wind projects in the U.S. and Canada once it’s public, the New York-based company said today in a filing to the U.S. Securities and Exchange Commission.
Formed in August, Sol-Wind is led by Chief Executive Officer Scott Tonn, the former head of Mitsui & Co.’s solar distributor SunWize Technologies Inc.
It intends to tap into renewable energy, whose capacity will grow 30 percent from 2011 to 2020 while coal’s share of the energy market declines, according to the U.S. Energy Information Agency’s Annual Energy Outlook 2014.
The company expects U.S. state mandates along with government incentives both at home and abroad to spur more construction of renewable energy plants.
UBS AG and Citigroup Inc. are book-running the offering and are acting as representatives to the underwriters. The company would list under the symbol SLWD.