DESRI, a leading renewable energy IPP in the US, filed on Friday with the SEC to raise up to $100 million in an initial public offering. Existing shareholders plan to sell a portion of the IPO.
DESRI states that it is a top-five, pure-play, renewable energy independent power producer (IPP) in the US based on total gross capacity of operating projects as of September 30, 2021, and that it is committed to building the renewable energy infrastructure necessary to support the decarbonization of electric power generation. DESRI develops, constructs, owns, and operates renewable energy projects across the country. Its diversified portfolio of utility-scale, renewable energy assets includes 67 solar and wind power generation and battery storage projects in 25 states representing 6,468 MW of capacity across contracted pre-construction, construction, and operational phases.
The New York, NY-based company was founded in 2010 and booked $203 million in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol DESR. DESRI filed confidentially on September 27, 2021. Goldman Sachs and BofA Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
