The company said the raising was part of its listing on the London AIM exchange.

Novera chairman Dr Don Stammer said 14 new and two existing institutional investors were to be allocated the securities under the 9 million share placement at A$1.40 per share.

“The funds raised from the listing are intended for the primary purpose of financing Novera’s share of the balance of the Germania wind asset pipeline, to fund development of certain RED projects and for development of certain acquisitions under consideration by the company,” Stammer said.

Stammer said he expected the AIM listing to occur on 10 June. Novera will still be listed on the ASX.