US 'green' energy play Renewable Power & Light (RPL) plans to raise nearly £40 million on AIM.

Accountant Grant Thornton is nominated adviser and Libertas Capital broker to RPL, headed by chief executive officer David Lewis. Set up earlier this year to generate power through biodiesel and other renewable technologies, the company is already operating in the north-eastern USA and hopes to clinch deals in South America and Europe as well.

RPL has conditionally agreed to buy two 'cogeneration' plants in the north-eastern USA with outputs of 85 and 65 megawatts , which it hopes to convert to biodiesel. At the hoped-for float price, the company would be valued at the equivalent of £60 million.