Riverstone set to list new firm on stock exchange
PRIVATE equity group Riverstone Holdings, where former BP chief Lord John Browne is a partner, is set to list a new energy investment firm on the stock exchange, giving another boost to the flotation market.
Riverstone is planning to raise at least £500million from floating Riverstone Energy to invest in oil, gas and renewable energy.
Lord Browne jointly oversees the world’s biggest renewable energy fund with £2.25billion in equity.
He is also chairman of shale gas explorer Cuadrilla Resources, which has caused some controversy with drilling in Lancashire and Sussex.
Riverstone owns 44 per cent of Cuadrilla, which it jointly controls with Australian engineer AJ Lucas.
Browne and other Riverstone executives will sit on the board of the new firm if it lists. Goldman Sachs and JPMorgan are thought to be preparing the flotation.
The move will be another fillip for the flotation market following listings of insurer Esure, house builder Crest Nicholson and estate agency Countrywide.
It is part of a trend of private equity firms listing businesses to secure fresh injections of capital.