Chorus Clean Energy’s IPO on hold due to effects of Greece’s economy

By Lisa Kerner

Charlotte, N.C., July 9 – Chorus Clean Energy AG’s planned initial public offering has been postponed “for the time being” due to the “the sharpened economic situation in Greece” and the impact on the global financial markets.

The company’s board does not see any possibility of listing Chorus on the stock exchange at an appropriate valuation, according to a news release.

“Until today, we have received positive feedback from national and international investors,” said Chorus Clean Energy chief executive officer Holger Götze.

“Therefore, it is not in our interest or in the interest of our existing shareholders to list the Chorus Clean Energy AG in these turbulent market conditions below value,” he said.

In June, the company announced it was seeking to list its shares on the regulated market (Prime Standard) of the Frankfurt Stock Exchange at the beginning of the third quarter.

As previously reported, in connection with the initial public offering, Chorus planned to issue new shares from a cash capital increase of roughly €100 million and to sell existing shares from individual shareholders amounting to about 4.2% of the current share capital.

The shares were to be offered publicly in Germany and Austria as well as in private placements in certain jurisdictions outside of Germany and Austria, and outside of the United States.

Proceeds would have been earmarked to finance growth, including the acquisition of solar and wind parks.

Chorus is an independent operator of solar and wind parks and a full-service provider for investments in renewable energy. The company is based in Neubiberg, Germany, near Munich.

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