France-based developer of solar PV power projects — Solairedirect SA — has approached national authorities to file for an initial public offered or IPO.
Solairedirect sees solar energy emerging as a viable and competitive global alternative source of energy, and is thus looking to expand its footprint in the global solar power sector by raising equity funding.
The company has 57 solar PV projects with cumulative capacity of 487 MW either operational or under construction across 4 continents. A majority of this capacity, almost 400 MW, is located in France, while India represents the second largest market for the company. However, as per the plans announced by the company, India could soon overtake all other markets for Solairedirect in terms of generation capacity.
At the Indian RE-INVEST international renewable energy investors summit, Solairedirect announced that it would install 2 GW of solar PV capacity in India over the next few years. This was part of the over 155 GW commitment made by private project developers.
Solairedirect has been participating in state and central government auctions for solar PV projects organised in India. It has successfully won projects under the National Solar Mission as well as auctions organised by the state governments of Telangana and Punjab.
The company reported about $75 million revenue during the first 6 months of the current financial year starting 1 April 2014. Since its inception in 2006, the company has raised over $1 billion in debt and equity financing. Solairedirect is rapidly expanding operations into emerging solar power markets. This year it raised $51.7 million for a solar PV project in Chile; it secured a bid to develop a 21 MW solar PV project in Panama; and entered a partnership with Meridian Solar to develop a 100 MW solar PV project in Texas, US.
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