19 Sep 2014 – Macquarie has pulled its planned IPOs of two of its clean energy assets, Energy Power Resources and CLP Envirogas, two bankers and a person with knowledge of the situation have told this news service.
“The IPOs were pulled because the market was not there. Macquarie wanted to create something like Greencoat, build up value to provide yield for investors,” said the first banker. “But it decided there was no demand.”
One reason cited for pulling the listing is the current economic uncertainty associated with the Scottish independence referendum.
Greencoat Capital is an investment firm focused on the renewable energy and energy efficiency sectors.
The person with knowledge of the situation echoed this comment, reasoning the market has been saturated with IPOs from various sectors over the past few months.
Both assets are owned Macquarie European Infrastructure Fund, a 10-year fund that was launched in 2004.
An IPO process was launched in May, the bankers said – and it is understood that it was pulled about a month ago. Credit Suisse had been instructed by Macquarie to advise it on the listing.
Energy Power Resources is a portfolio encompassing biomass, wind and solar generation, including power stations at Thetford, Ely, Glanford, Eye and Westfield. CLP Envirogas is a developer of landfill-gas power generation projects. Both assets are part of the Macquarie European Infrastructure Fund (MEIF).
Macquarie did not comment.
By Katie McQue & Brendan Malkin