Danish energy company Dong Energy set a price range for a planned IPO this week that could value the firm at up to $16 billion if it starts trading on Nasdaq Copenhagen next month.
The flotation could be the world’s largest this year, notes The Guardian. Dong Energy, a Danish utility, is a large investor in offshore wind farms, many of which are huge projects that install wind turbines off the coasts of Britain.
The company is 59% owned by the Danish government, which will retain 50.1% shares after the IPO. The company is also part owned by Goldman Sachs.
The huge IPO shows how big the market has gotten for offshore wind farms in Europe, despite the lack of these farms off the coasts of the U.S. Energy from offshore wind farms in Europe doubled last year, with three gigawatts of offshore wind energy connecting to power grids in the U.K., Germany, and the Netherlands.
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Dong Energy plans to build the world’s largest offshore wind farm, called the Hornsea project, off the coast of Yorkshire in Northeast England. The project is supposed to be able to provide over one gigawatt of energy when built.
If the company goes through with the IPO, the move would be an example of how a power company has been able to successfully transition to clean energy over the past decade. Dong Energy generates more than half of its electricity and heat from clean energy.
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In the face of plummeting oil and gas prices, the company took a $2.3 billion charge on its oil assets earlier this year.
Dong Energy has tried to sells shares before, but has pulled its offering multiple times in the face of weak markets in previous years.
Is the market finally ready for a massive clean energy IPO from a Danish power company? Looks like it.
Dong Energy plans to sell between 15.1% to 17.4% of the company, and existing stockholders will sell shares.