Tyske RWE vil skille ut ti prosent av fornybardelen av kraftverk, nettet og kraftomsetning og børsnotere det ved børsen i Frankfurt.
RWE is planning to float a 10% stake of its renewables, grid and retail unit Innogy on the Frankfurt Stock Exchange, as well as additional private placements elsewhere, Renewable Energy News says.
At the same time, RWE envisages private placements of existing shares it holds with investors outside these countries.
The exact number of shares is yet to be determined, it said.
RWE, which established Innogy in April, expects the unit to invest about €6.5bn between 2016 and 2018.
Innogy will aim to grow its renewables business on the back of continuing strong global demand, it said.
The focus will remain on offshore and onshore wind, with plans to tap into growth areas such as US onshore and large-scale solar outside Europe.
“The preparations for Innogy’s listing are progressing according to plan,” RWE and Innogy chairman Peter Terium said. “In the course of the initial public offering of new shares, we intend to offer further shares from RWE AG’s holdings,” he said.
“Following the planned IPO, Innogy intends to focus on the future of the energy market and benefits from its development,” he added. “We intend to invest the proceeds from the planned capital increase predominantly in strongly growing business areas, such as renewables.”
Deutsche Bank and Goldman Sachs are acting as the joint global coordinators for the planned transactions.