Higher than expected demand allowed EDF Energies Nouvelles, the dedicated renewables arm of state-run utility Electricité de France (EDF), to secure a capital increase of approximately EUR 390.90 million following its partial flotation on Euronext's Eurolist A market at the end of November. As the initial offer was over-subscribed 31 times by institutional investors and 9.5 times by French retail investors, the company decided to exercise the over-allotment option and increase the total offer to 22.57% of the entire share capital. The placement, managed by JP Morgan and Lazard-IXIS, allows EDF to retain its 50% stake in the renewables division, while that of Pâris Mouratoglou, founder and chairman of EDF Energies Nouvelles, falls from 50% to 25%. Other private investors hold the remaining 2.43%. The capital increase will enable the company to "further its expansion, with wind power as a priority and to meet its objective of 3000 MW in owned generation capacity by year end 2011 for all forms of renewable energy," says Mouratoglou. EDF Energies Nouvelles currently has 1015 MW gross installed capacity worldwide, of which wind power represents 78%, and 616 MW under construction. Apart from France, its target markets are Greece, Portugal, Italy, Britain, Spain, Germany, Bulgaria, Belgium and the US.