Infinis, the UK renewable company owned by private equity group Terra Firma, has announced details of a planned IPO. Infinis said on Monday that it would offer ordinary shares implying a market capitalisation of between £780 million and £930 million.

Monterey Capital II, the vehicle holding Terra Firma's shares will sell between 30 and 40 % of the company's equity. The shares are scheduled to start to trade on the London Stock Exchange on November 15.

Terra Firma is expected to raise between £234 million to £428 million from the sale, having made an initial equity investment in the business of €61 million in 2003. Infinis was spun off from Waste Recycling Group - a waste disposal company that Terra Firma bought for €857 million in 2003 and sold three years later for €2 billion to Spain's FCC Group.

According to sources, Terra Firma could be seeking to return cash to its investors as it attempts to raise a €3 billion green energy infrastructure fund.

The business, which has 360 employees, reported revenues of £226 million for the 12 months to March 2013. It owns a portfolio of 147 power generating plants across the UK, including gas generators and an onshore wind operation.

EBITDA increased to £125 million in 2012, from £100 million in 2011. Barclays, RBC and Deutsche Bank are joint bookrunners.