Oil report

Renewable energy developer ICE to raise funds of at least $200 mln, sources say

HONG KONG, Oct 30 (Reuters) - Renewable energy project developer InterContinental Energy (ICE) plans to raise funds of between $200 million and $300 million from financial and strategic investors in the sector, people with direct knowledge of the matter said on Friday.

ICE has hired investment bank Morgan Stanley to launch the fundraising process, said the sources, who declined to be identified as the information is confidential.

The company is targeting potential investors such as sovereign wealth funds, funds that focus on environment, social and governance factors (ESG) and oil and gas firms and aims to close the exercise in the first quarter next year, they said.

Both ICE and Morgan Stanley declined to comment.

Founded in 2014 by industry experts to develop large renewable energy projects supplying global markets, ICE has now assembled the world’s largest portfolio of green hydrogen projects, it says on its website.

The company is leading the $36-billion Asian Renewable Energy Hub (AREH) project in Australia to initially build 15 GigaWatts of power capacity and eventually expand to 26 GW.

It is developing the project together with renewables developer CWP Energy Asia, top global wind turbine maker Vestas and a Macquarie Group fund.

ICE also plans projects in Africa and the Middle East, it says on its website, but details of those are not public. (Reporting by Kane Wu; Editing by Clarence Fernandez)