Spanish solar power play targets AIM
Article Date: Jun 30 2009Mark Shorrock, founder and chief executive officer of the AIM-listed Low Carbon Accelerator fund, is chairman of another green-tinged venture looking for an AIM float. Shell company Solar Opportunities, which has been created to buy and build a business focused on solar power, is proposing to float on the junior market next week.
The company, whose broker and adviser is Panmure Gordon, intends to raise an as-yet-unspecified amount at €1 (85p). This it will initially invest in solar power projects in Spain, where management claims ‘in-depth experience’ and ‘extensive contacts’.
Solar, which along with Shorrock is led by chief executive Paul Turney (also boss of Renewable Capital, a US investor with London offices) says initial work in Spain has unearthed a pipeline of over 120 MWp (Megawatt peak) of solar power producing assets. The plan is to have acquired at least 60 MW-worth of projects within the first six months after floating and to be fully invested within a year.
Furthermore, the company already expects to be able to pay an annual dividend equivalent to a ten per cent yield at the ´€1 placing price.
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