Engyco to raise €1bn to buy solar parks in EU

Newly set up solar-power producer Engyco is mulling a stock market listing as it looks to raise up t

Formal marketing of the possible listing is set to begin in the middle of February in what promises to be one of the London's biggest green-energy stock market float.

Engyco's website says the company intends to acquire €3bn in assets in the next three years. It will reportedly focus on solar power projects in Spain and southern Europe before moving on to the rest of the continent.

The renewables group, which operates from the Channel Island of Jersey, said it was mulling many options for raising money to invest in solar parks in Europe. One of these includes listing of the company's shares on a stock exchange.

The Independent paper said that Ian Rosen, the former head of renewable energy investment at Banque AIG, will be CEO of the company while Alexander Voigt, the founder of solar power companies Solon and Q-Cells, will be the executive vice-chairman.

Engyco has appointed Numis Securities and Ambrian Partners as advisers.

The company on its website says that it has recognised the "enormous potential" of the fragmented solar industry of Europe. It plans to unify and optimise independent solar power producers to create a solar utility of scale.