Hannon Armstrong files for an initial public offering aiming to raise $100 million for its clean energy business via Hannon Armstrong Sustainable Infrastructure Capital.
Hannon Armstrong, a merchant bank and speciality finance firm, has filed for an initial public offering (IPO) with regulators in the U.S.
With the IPO Hannon Armstrong Sustainable Infrastructure Capital Inc. is looking to raise $100 million, first as a real estate investment trust and plans than to float on the New York Stock Exchange.
With the proceeds, so the filing, the company plans to use the proceeds for the retirement of notes and debt repayment.
The company was involved in the development of the Hudson Ranch I geothermal power plant in California by EnergySource, with Mighty River Power (previously via GeoGlobal Energy) and Fuji Electric (for the Hudson Ranch II project) as shareholders that entered while the construction phase of the project. The company is currently constructing phase II of the plant adding another 49 MW to the existing capacity.