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Investors offered stake in Sydney’s largest solar rooftop
An IPO has been made for a total of 519 shares in an unlisted public company, Sydney Renewable Power.
Melissa Coade
Firm: Baker & McKenzie (Sydney Renewable Power Company Limited)
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Deal: Sydney Renewable Power Company Limited (SRPC) has made its initial public offering of shares.
Value: Undisclosed
Area: M&A
Key players: Bakers partner Craig Andrade (pictured) led the team advising SRPC. Senior associate Hoda Nahlous assisted.
Deal significance:
SPRC hopes that over $1 million will be raised by the IPO, with an offer price for each share at $2,750.
The company has described the IPO of 519 shares as an “opportunity to invest in a community-based renewable energy project”.
The Sydney CBD project is the city’s largest solar roof installation atop the redeveloped International Convention Centre. The solar roof is expected to generate enough electricity to power approximately 100 homes each year.
Bakers partner Craig Andrade, who advised SPRC on the IPO, said that he was glad to be able to work on the important renewable energy project.
“The project allows apartment dwellers who otherwise can't put solar panels on their roof to invest directly in solar,” Mr Andrade said.
“A fundamental guiding philosophy of our client's volunteer board has been to create an opportunity for the community to invest in solar projects that help the Australian economy transition away from an economy that is powered by fossil fuels,” he said.
