ContourGlobal to float on London Stock Exchange
American firm has 69 thermal and renewable sites across three continents
The American energy group ContourGlobal has announced plans to float on the London Stock Exchange next month.
The firm was founded 12 years ago by Joseph C. Brandt and Reservoir Capital Group and has since then developed a portfolio of 69 thermal and renewable energy assets across Europe, Latin America and Africa.
The group’s renewable division has a gross capacity of 1,499 MW and in the year to December 2016, generated an adjusted EBITDA of $193.1 million.
While the group’s thermal energy division has a gross capacity of 2,640 MW and generated an adjusted EBITDA of 281.8 million in the same time period.
“Over the past 12 years, ContourGlobal has grown with patient long-term capital from a standing start to over 4GW of electricity generation around the world,” said Mr Brandt, who is now chief executive officer of ContourGlobal.
“A listing on the London market will support the company in the next phase of growth as we seek to double our Adjusted EBITDA to more than $1 billion within five years.
“The capital raised at IPO will enable us to strengthen our balance sheet while providing further flexibility to fund already identified growth opportunities,” he added.
“This important milestone in our history is a proud moment for the men and women of ContourGlobal who have worked so hard to build this company so well. We are excited to embark on the next phase of our journey,” said Brandt. The company’s chairman, Craig A. Huff, added: “The global market for energy is growing rapidly as nations pursue policies of energy security, economic development and decarbonisation. This backdrop has enabled ContourGlobal to grow substantially to provide both conventional and renewable power in over 19 markets worldwide.
“To have achieved this in the first 12 years since we co-founded the business is testament to the expertise and experience of the management team who have remained focused on operational excellence throughout,” added Huff.
“We are proud to have played our part in the company’s growth and we look forward to supporting it further in the future.”
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