Ingenious Capital Management, a UK investment firm, has announced its intention to float Ingenious Clean Energy (ICE) on the London Stock Exchange.
The fund is aiming to raise £160 million (€193 million; $263 million) through the sale of ordinary shares, with an option to increase the issue up to £200 million. Its investment portfolio will be managed by Ingenious Capital.
ICE is a new, closed-ended investment company targeting operational solar photovoltaic and onshore wind assets as well as energy efficiency projects. It aims to provide investors with stable, inflation-linked dividends while also looking for capital gains across the portfolio.
The news of its imminent float follows a flurry of similar listings, which saw no less than four renewable energy infrastructure-focused funds float in London last year.
These comprised Greencoat UK Wind, which raised £260 million in March, as well as The Renewables Infrastructure Group (TRIG) and Bluefield, which respectively collected £300 million and £130 million in July. Foresight Solar Group then garnered £150 million in October.
The companies have fared rather well since their launch, with all vehicles except Foresight Solar currently listed at a premium to net asset value (NAV) and more than 100p a share, their initial launch price.
All of them have also been investing actively last year. Bluefield, for example, is already more than 75 percent committed, while Greencoat issued £83 million worth of new shares to pay down its acquisition debt facility in December. TRIG is also considering an issue of additional equity, possibly taking place in March, to fund further acquisitions.
The one-year NAV return for the infrastructure – renewable energy index currently stands at 15.5 percent.