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.
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.