Renewable power producer DESRI eyes Nasdaq listing

US renewable energy independent power producer (IPP) DESRI Inc on Friday announced its intention to carry out an initial public offering (IPO) to list its shares on the Nasdaq, seeking to raise up to USD 100 million (EUR 87.5m).

The New York-based company's stock will trade under the ticker symbol “DESR” when the IPO is completed, shows a regulatory filing with the US Securities and Exchange Commission (SEC). The total number of shares to be placed and pricing terms were not disclosed.

The transaction will include a share sale from existing shareholders of the company.

Set up in 2010, DESRI develops, builds, owns and operates renewable energy generation plants across the US. The company is currently present in 25 states with a portfolio of roughly 6.5 GW of contracted pre-construction, construction and operational assets. Its fleet consists of 67 solar and wind farms and some battery storage facilities.

DESRI plans to use the net proceeds from the IPO to support its general corporate needs and fund project acquisitions and other "strategic opportunities." Part of the funds will go for organisational structure arrangements.

Goldman Sachs and BofA Securities act as joint bookrunners of the offering.

(USD 1.0 = EUR 0.875)

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