When Did New Solar Energy Ipo

When did new solar energy ipo

Switchback Energy Acquisition Corp., a new “blank check” company, and the seventh investment fund raised by private equity firm NGP Natural Resources VII, have submitted a draft registration statement with the Securities and Exchange Commission for the proposed initial public offering of Switchback.

The initial public offering is expected to commence after the Sec completes its review process, subject to market and other conditions, Kallanish Energy reports.

After developing, and then selling, RSP Permian for $9.5 billion to Concho Resources, the trio of former shale oil and gas executives including Scott McNeill, Jim Mutrie, and Josh Rosinski lead Switchback Energy.

The team is backed by NGP Natural Resources XII, the same team that backed the RSP Permian team before the company was acquired by Concho.

When RSP Permian was acquired by Texas-based Concho Resources, the company had built up and developed an acreage position of roughly 92,000 net acres that produced approximately 55,000 barrels of oil-equivalent per day.

The deal closed in the third quarter of 2018.

Prior to starting Texas-based Switchback, McNeill was chief financial officer at RSP.

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Before that he was managing director in the energy investment banking group of Raymond James. Mutrie was previously vice president and general counsel for RSP, and Rosinski was vice president of reservoir engineering.

A blank check company is a developmental stage company that has no established business plan or has the intent to merge or acquire another firm or business entity.

When did new solar energy ipo