Lights out: LightBeam Electric withdraws IPO

LightBeam Electric Company, a roll-up of regional solar power and renewable energy utilities in the UK and US, withdrew its plans for an initial public offering on Tuesday citing adverse conditions in the renewable energy market. 

The Sausalito, CA-based company was founded in 2008 and booked $26 million in sales for the 12 months ended December 31, 2014. It had planned to list on the NYSE under the symbol LEC. BMO Capital Markets, Macquarie Capital and RBC Capital Markets were set to be the joint bookrunners on the deal.