Herbert Smith Freehills (HSF) is advising on the ASX debut of a solar energy company.
The global firm is acting for Walsh & Company Investments, the responsible entity of the New Energy Solar Fund, and New Energy Solar Ltd on the latter’s ASX listing and IPO.
New Energy Solar has applied for quotation of the stapled securities and options to be offered in the listing. If granted, the deal creates Australia’s first publicly listed solar-focused investment business, HSF said.
The IPO is expected to raise as much as $300m for New Energy Solar, a large-scale solar plants-focused investment company. The investor has majority stakes in four utility-scale solar power plants in North Carolina and California with total capacity of 225MW.
New Energy Solar plans to use the proceeds of the offering to acquire a portfolio of 14 solar power plants in North Carolina and Oregon with total capacity of 130MW. The money will also fund the investor’s future projects.
HSF’s team is led by partners Fiona Smedley and Philip Hart. They are supported by solicitors Ben Robinson, Aaron Jones, Michael Burrell, and Isabelle Lamberton.
The firm is pleased that Australia’s solar renewables sector is growing, Smedley said.
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