BUCHAREST, May 16 (Reuters) - Romania-based Premier

Energy ( PNRC ) said on Thursday its initial public offering (IPO) had

been priced at 19.5 lei per share, implying a market value of

2.4 billion lei ($525 million).

The renewable energy developer, owned by Czech investment

firm Emma Capital, said the IPO amounted to a 28.75% stake.

It will list on the Bucharest Stock Exchange on May 27, with

gross proceeds from the IPO - totalling roughly 695 million lei

- to be used for further renewable energy acquisitions and

projects in Romania and neighbouring Moldova.

The flotation follows the Bucharest listing of state-owned

hydro power producer Hidroelectrica last year, one of

Europe's largest IPOs.

"Premier Energy's ( PNRC ) attractive investment story and

considerable growth potential has been reflected in the high

demand we have seen from both retail and institutional

investors, in Romania and internationally," said Chief Executive

Jose Garza in a statement.

The company currently has 1,000 megawatts (MW) of green

projects under ownership, management or in development in

Romania and Moldova, evenly split in Romania between wind and

solar.

In March, it told Reuters it aimed to boost its renewable

energy portfolio to 1.5 gigawatts (1,500 MW) over the next two

to three years.

The company also supplies and distributes energy, being the

third largest gas distributor in Romania and the largest

electricity supplier and distributor in Moldova.

Premier Energy ( PNRC ) began operating in Romania over a decade ago.

Last year, its consolidated revenue stood at 912 million euros.

It plans to pay out 30-70% of its consolidated annual net

profit in dividends.