Proventus to seek listing on the London Stock Exchange

Dublin-based Proventus Renewables, which is currently quoted on the SME-focused GXG Market, is to seek a standard listing on the main market of the London Stock Exchange.

It has also announced expansion of its ‘shovel-ready’ projects into Africa, India and the Middle East.

Commenting on the new listing, Proventus’s chairman Liam McGrattan described it as a great development for the company and its shareholders.

“It further validates our already stated goal to be a leading renewable energy company. This is a natural progression for a company with Proventus’s drive and ambition. The London Stock Exchange is one of the world’s foremost markets for admission and trading of equity and includes many of the world’s most successful and dynamic companies.”

Proventus’s core activities include wind farm development and operation, wind farm maintenance, wind farm consultancy and project management, carbon credit trading and solar farm development and management.

The company was originally established to exploit wind farm and solar farm opportunities in Bulgaria. Dublin outdoor advertising firm Captive Audience Display Solutions (CADS) approved a reverse takeover of Proventus in 2012.

To facilitate expansion, Proventus said it has concluded an agreement with a Swiss energy partner, under the terms of which it will develop fully funded, so-called ‘shovel-ready’ projects and evaluate new projects with a combined capacity of more than 1000 MW.

“The board are fully confident that the portfolio of projects being undertaken is an important step towards Proventus achieving its mission of becoming a significant player in the renewable energy sector worldwide,” said Mr McGrattan.

In September, Proventus Renewables announced the acquisition of two West African solar plants of 20 MW each with a capital expenditure of €18.4 million each.