London Stock Exchange welcomes Infinis Energy plc to the Main Market

London Stock Exchange welcomes Infinis Energy plc to the Main Market

Wednesday 20th November 2013

Infinis is the leading independent renewable energy generator in the UK and the third largest generator of renewable power produced under the Renewables Obligation regime in the UK, with a 7.3 per cent. market share in the financial year ended 31 March 2013. Infinis, together with members of the Infinis group of companies (“Group”) is the largest generator of electricity from landfill gas in the UK and one of the leading generators from UK onshore wind, exporting in total 2.5 TWh to the grid in FY13. Infinis sells its power output through offtake arrangements and does not supply electricity directly to retail customers.

The Group operates a wholly-owned portfolio of 147 power generating plants distributed across the UK with a total installed capacity of 621 MW. The Group has four principal divisions:

  • the Landfill Gas Business, comprising of 330 MW of installed capacity spread across 121 sites in the UK;
  • the Onshore Wind Business, comprising of 274 MW of installed capacity spread across 16 sites in the UK;
  • the Hydro Business, comprising of 17 MW of installed capacity spread across 10 sites in the UK; and
  • the Wind Development Business, comprising approximately 600 MW of potential capacity from sites at various stages of development, of which 115 MW has received planning consent.

Infinis operates a differentiated business model, with strong internal management and operational capabilities across the majority of the renewable energy value chain, including project consenting and development, construction management, operation and maintenance, commercial contracting and financing. The Group has approximately 360 employees and, with a culture of excellence across its entire operations, consistently delivers high levels of reliability and availability.

On 20 November 2013 Infinis’ ordinary shares (“Ordinary Shares”) were admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange plc’s main market for listed securities (the "Admission"). The listing was by way of an initial public offer of Ordinary Shares by its shareholder Monterey Capital II S.à r.l., an investment vehicle owned by investment funds of which Terra Firma Investments (GP) 2 Limited is the general partner.

The final price per Ordinary Share was 2.60p, and, based on that price, the market capitalisation on Admission was £780 million. At Admission the Company had 300 million Ordinary Shares in issue.

Infinis was advised by Barclays Bank PLC, Deutsche Bank AG, London Branch, and RBC Europe Limited (trading as RBC Capital Markets), who acted as Joint Global Co-ordinators and Joint Bookrunners in connection with the Offer, with Barclays Bank also assuming the role of Sponsor. Kempen & Co N.V. and Liberum Capital Limited acted as Co-lead Managers. Gleacher Shacklock LLP and Climate Change Capital Limited acted as Corporate Finance Advisers to Infinis.

Eric Machiels, Chief Executive Officer of Infinis, said:

“We are delighted with the interest we have seen from investors in Infinis’ business and operations. Infinis will continue to generate clean and reliable electricity, contributing to the UK’s security of supply and decarbonisation targets and, as it becomes a public company, I look forward with confidence to delivering on the dividend and growth targets communicated to our shareholders.”

Ian Marchant, Chairman of Infinis, said:

“We are pleased to welcome both institutional and retail investors as new shareholders of Infinis Energy, the leading independent renewable energy generator in the UK. The success of this IPO represents a strong endorsement of the quality of the company and its strong prospects for further profitable growth. I look forward to working with the company and its various stakeholders to deliver sustainable energy, profits and dividends in the years to come.”