U.K.-based solar energy developer Engyco said Tuesday it is progressing with plans for a listing on the London Stock Exchange, aiming to raise up to EUR1 billion to invest in existing power-producing photovoltaic operations, initially in Spain.

The company, which already has agreements from vendors for EUR640 million of solar assets in Spain with a capacity of 86 megawatts, is aiming to become the U.K.'s first listed independent solar power utility.

Engyco aims to list in London at the end of April or in early May to raise funds for cash purchases of solar assets, Engyco Chairman John Roberts said.

"The opportunity that Engyco has identified is compelling and the team which has been assembled to pursue it could not be stronger," Roberts said in a statement. "The assets which we intend to manage enjoy both favorable operating conditions and a highly attractive pricing regime."

The planned listing is a bold move, as solar companies globally have suffered more than other sectors in renewable energy from the financial downturn and the credit crisis. As a result, flotations of such companies have been scarce.

But if successful, the company could take advantage of projects in Spain, where the attractive incentive regime through feed-in-tariffs that are fixed for the lifetime of the project is coupled with the abundance of projects available from companies that want to sell their non-core assets in solar.

Engyco also announced a series of appointments to its board, including Thomas Krupke to the post of chief executive officer. Krupke was previously chief executive at Germany's solar module and photovoltaic manufacturer Solon SE (SOO1.XE). Pedro Mielgo, formerly chairman of Spain's national grid company Red Electrica de Espana, a subsidiary of Red Electrica Corp. SA (REE.MC), will be a non-executive director at Engyco.

Ambrian Capital PLC (AMBR.LN) Chief Executive Tom Gaffney told Dow Jones initial interest from potential investors has been encouraging.

Engyco has appointed Numis Securities Limited and Ambrian Partners as advisers.

Company Web site: http://www.engyco.com

-By Selina Williams, Dow Jones Newswires +44 207 842 9262; selina.williams@dowjones.com

(Jason Douglas contributed to this story.)
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