New Energy Solar

( ASX:NEW ) - Utilities


Large Solar Energy IPO

Investors who want to back solar energy projects and project owners have another option with the IPO of New Energy Solar Ltd. The company listed on 4 December after raising $202 million. Its target was up to $200 million, so it did well. The offer price per stapled security was an indicative range of $1.45 to $1.55, and they were issued at $1.50.

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Analyst Views

NEW – Morgan Stanley rates as Equal-weight

The company has an agreement with First Solar to progressively acquire the Beryl solar plant in NSW. Beryl is only partly contracted, with 69% of production sold to NSW transport under a 15-year power purchase agreement. The acquisition price is not disclosed. Morgan Stanley believes the interest in Beryl can be funded from cash and corporate debt.

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