Energies Nouvelles, the renewable energy arm of Electricité de France, is set to raise up to $638m (€498m) in its initial public offering at the end of the month, amid increasing calls by politicians for Europe to intensify efforts to combat greenhouse gases.

France's largest renewable energy company set its price range at between €24.10 and €28 per share. The sale, which opens today, will see 25% of the company floated on Euronext Paris.