Renewable power company Opdenergy on Wednesday announced plans to launch an initial public offering (IPO) to raise up to 200 million euros ($209.80 million) to finance its business plan up to 2025, in what will be Spain's first flotation this year.

The Madrid-based company, which operates solar parks in Europe and Latin America, ditched a previous attempt to go public in 2021 due to volatility among green power stocks. Sources told Reuters it was planning to go public in 2022.

The company said it is planning an offer to institutional investors and that it was in advanced discussions with an investor who has expressed an interest in subscribing to approximately 25% of the offering, subject to reaching an equity value of 575 million euros prior to the new share sale.

The company also said it was planning to offer less than 8 million euros in new shares to residents in Spain.

Opdenergy has hired Barclays, Santander Societe Generale as global coordinators while JB Capital Markets, Sociedad de Valores, will be joint bookrunners.

The company said it planned to use the proceeds of the offering to fund capital expenses to reach a capacity of around 3.3 GW of assets in operation and under construction in 2025.

($1 = 0.9533 euros)

(Reporting by Emma Pinedo; editing by Jesús Aguado and Jane Merriman)