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* Poland set to raise up to $901 mln from Energa IPO
* Price range set at 15-20 zlotys
* Flotation seen biggest in Warsaw in over two years
* Stock market debut planned for Dec. 11
By Agnieszka Barteczko and Pawel Bernat
WARSAW, Nov 18 (Reuters) - Poland is set to raise up to 2.8 billion zlotys ($901 million) from selling a stake in utility Energa as part of this year's privatisation plan in what is expected to be Warsaw's biggest stock market debut for more than two years.
Poland, which is selling a 34.2 percent stake out of its 84.2 percent holding in Energa, the country's fourth-largest utility, has set the maximum price for the initial public offering (IPO) at 20 zlotys per share, it said in the prospectus on Monday.
This would value the IPO at 2.8 billion zlotys, which is in the middle of the bookrunners' valuations Reuters obtained earlier this month.
Two market sources also told Reuters on Monday the minimum price was set at 15 zlotys.
Energa is the leader in green energy in Poland, with about a third of the energy it produces coming from renewable sources. The bulk of its revenue comes from power distribution in the north and central Poland.
It owns one coal-fired mine, three wind farms and two hydro-plants, which provide a combined 1.3 gigawatt of installed capacity, against Poland's 37 GW of total capacity.
The listing is part of this year's 5 billion zloty privatisation plan. The deputy treasury minister Pawel Tamborski said it does not plan to sell further stakes in Energa.
"In the foreseeable future we do not have such plans," he told a news conference, although previously Poland had planned a second stage of the privatisation with a bigger investor for Energa.
The company was targeted by Poland's biggest power producer PGE three years ago, but the bid was blocked by the anti-monopoly office. PGE has said it would be interested in buying a stake in the IPO.
"This transaction is mostly directed at financial investors," Tamborski said.
Energa's IPO follows last month's successful 1.4 billion zloty share offer by PKP Cargo, Europe's second-biggest rail freight company.
However, some analysts have said that Energa's IPO could be less successful at attracting investors because of government indecision over future subsidies for renewable energy, which makes it difficult to predict future cash flows.
It will be the ninth power company to be listed on the Warsaw bourse, competing with bigger state-controlled rivals, including Tauron, Enea and PGE.
Energa expects to debut on the Warsaw bourse on Dec. 11 and said it plans to pay up to 400 million zlotys in dividends from its 2013 earnings and up to 500 million zlotys from 2014 earnings, which would constitute more than 90 percent of its stand-alone annual profits.
JPMorgan and UBS are serving as joint global coordinators and joint bookrunners for the offer.
Poland's DM PKO BP is the offering agent, while Banco Espirito Santo, BofA Merrill Lynch, Citigroup, and UniCredit were selected as joint bookrunners.
($1 = 3.1074 Polish zlotys) (Editing by David Goodman and David Evans)