UK Markets open in 6 hrs 28 mins

Former BP CEO Hayward launches green energy SPAC

·1-min read
Hayward, Chairman of Glencore and Genel Energy responds to questions during a panel debate at the Institute of Directors annual convention in London, Britain

LONDON (Reuters) - Former BP Plc Chief Executive Tony Hayward will lead the listing of a $175 million shell company aimed at investing in green energy projects in Europe, a bank working on the deal said on Thursday.

The Special Purpose Acquisition Company (SPAC), named Energy Transition Partners, will list in Amsterdam and focus on investments in companies involved in efforts to decarbonise the world's energy mix, the bank said.

Hayward will be chief executive of the firm.

SPACs are shell companies that raise funds through an initial public offering to take a private company public through a merger at a later date.

They are the latest craze in capital markets with record amounts raised in the last year.

Hayward left BP in 2010 following the Gulf of Mexico Deepwater Horizon disaster and became chairman of Glencore.

(Reporting By Lawrence White)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting