Greek renewable energy firm gets green light for IPO

ATHENS, July 3 Thu Jul 3, 2014 11:47am EDT

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ATHENS, July 3 (Reuters) - Greek renewable energy firm Anemos got the go-ahead from the securities regulator on Thursday to list on the stock market, kicking off the first public offering on the Athens bourse since the country's debt crisis broke out in 2009.

Greek stocks have been battered by the country's six-year recession and economic crisis that forced it to resort to bailouts from the European Union and the International Monetary Fund to stay afloat.

The last time a Greek firm went public on the Athens stock exchange was in July 2009, when MIG Real Estate raised 10 million euros.

Anemos, a unit of Greece's biggest construction company Ellaktor operates 12 wind parks, a solar plant and a hydroelectric plant in Greece, with 170 megawatts in total installed capacity.

Its IPO is expected to generate strong interest since the government introduced a law in April cutting the price that energy producers will receive from the national market operator.

As a result, firms would be paid on time for the energy they produce, recovering arrears and allowing them to invest and grow further.

Renewable energy is one of few industries in Greece that has continued to expand through the recession, thanks to generous state subsidies. (Reporting by Karolina Tagaris, editing by David Evans)

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