Cleary Gottlieb advised the underwriters, led by UBS Limited and ABG Sundal Collier Norge ASA, in the initial public offering by Renewable Energy Corporation ASA of 74,600,000 ordinary shares on the Oslo Stock Exchange. The transaction, which raised over $1.2 billion and valued the company at approximately $7.7 billion, was one of the largest European IPOs thus far in 2006 and the largest Norwegian IPO since the privatization of Statoil in 2001.
Renewable Energy Corporation is one of the world’s leading solar energy companies and is involved in all stages of the solar energy manufacturing and production process. In 2005, it was among the world’s largest producers of solar-grade polysilicon and photovoltaic wafers, the two primary materials used in solar energy applications.