Principal Solar Seeking $27.5 Million in Initial Public Offering

(Bloomberg) — Principal Solar Inc., a Dallas-based
renewable-energy developer, is seeking as much as $27.5 million
in an initial public offering.

The company plans to offer 2.5 million shares priced from
$9 to $11 each and has applied to list the stock on the Nasdaq
Capital Market under the ticker “PSWW,” Principal Solar said
in a statement Wednesday. Northland Capital Management, the sole
underwriter, has an option to buy an additional 375,000 shares.

The company’s net loss for 2014 widened to $3.38 million
from $2.37 million, according to a filing with the U.S.
Securities and Exchange Commission. Revenue rose to about
$975,000 from $491,000 a year earlier. For the quarter ended
March 31, revenue was about $184,000, down 15 percent from a
year earlier.

In March, Principal Solar filed to sell shares worth as
much as $28.8 million and said it would build a 72.9-megawatt
power plant in North Carolina. Duke Energy Corp. agreed to buy
the output under a 10-year contract. In February, Principal
Solar also agreed to sell Duke electricity from a 78.5-megawatt
facility in the state.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Jim Efstathiou Jr., Robin Saponar

About BloombergNEF

BloombergNEF (BNEF), Bloomberg’s primary research service, covers clean energy, advanced transport, digital industry, innovative materials and commodities. We help corporate strategy, finance and policy professionals navigate change and generate opportunities.

Available online, on mobile and on the Terminal, BNEF is powered by Bloomberg’s global network of 19,000 employees in 176 locations, reporting 5,000 news stories a day.
 
Sign up for our free weekly newsletter →

Want to learn how we help our clients put it all together? Contact us