Shares in Innogy, the renewable energy business of German utility RWE, hovered around the issue price as Germany’s largest initial public offering in 16 years got off to a sluggish start.

On Friday, the stock began trading at 37.30 euros in Frankfurt, above the offer price of 36 euros. The company will have a market capitalization of roughly 20 billion euros ($22 billion), putting it among the 30 largest issuers on the Frankfurt Stock Exchange.

“Ten months ago, we set out with a very ambitious goal — to create an innovative green energy company, which has the strength and independence to define the energy of the future,” Innogy CEO Peter Terium said Friday in a news release. “Today has shown that we are on the right track.”

But on Monday, the stock fell nearly 1% to 35.75 euros. RWE will retain 75% of Innogy and receive 3 billion euros from the stock sale, with the remaining 2 billion going to Innogy to finance investment.

Innogy plans to invest around 6.5 billion euros in its three core business areas — Grid & Infrastructure, Renewables, and Retail — between 2016 and 2018.

As The Financial Times reports, the IPO “marks the latest stage of a dramatic reordering of Germany’s power sector that has come in response to the country’s … radical shift away from fossil fuels and nuclear power towards renewables.”

“The policy has been a disaster for the traditional utilities like RWE and Eon, which have seen the conventional energy they generate from fossil fuels squeezed out of the wholesale market by subsidized wind and solar power,” the FT added.

Investors are also concerned about the potential costs of storing radioactive waste after Germany’s last nuclear power plants go offline in 2022.

But according to Reuters, Innogy’s IPO gives investors “direct exposure to power and gas networks, regulated assets with steady returns.”

“Our investors trust us and we intend to capitalize on that tailwind,” Terium said.

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