Ingenious targets $263m for RE

UK-based Ingenious plans to raise £160m ($263m) to invest in clean energy via an IPO for a new vehicle.

Investment group Ingenious – which is best known for backing Hollywood movies such as Life of Pi, Avatar and the last few Die Hard films – plans to list Ingenious Clean Energy Income on the London Stock Exchange.

It said the new venture aims to give investors “exposure to a diversified portfolio of renewable energy generation assets and energy efficiency projects.  

“The company's investment objective is to provide investors with stable, long term dividends rising in line with [inflation] whilst preserving the capital value of the investment portfolio.”

Ingenious will target operating solar and onshore wind projects, and energy efficiency assets, it said.

The group told the stock exchange it retains an option to increase the size of the share issue to £200m.

Last year saw a number of major renewables-facing IPOs in the UK, including Bluefield Solar (£160m) and Greencoat UK Wind (£260m).