Spanish IPP Opdenergy intends to increase EUR400m in initial public offering

• Spanish independent power producer (IPP) Opdenergy is preparing to introduce a going public (IPO) to assist fund the advancement of 3.7 GW of renewables projects across Europe and also the Americas.

The business's strategy to float on the Spanish Supply Exchanges consists of a main offering, anticipated to raise profits of EUR400 million (US$ 475 million), as well as a second offering by an existing shareholder that has around 15.6% of the present share capital to increase earnings of around EUR17 million (US$ 20 million).

Opdenergy claimed the listing stands for the next step in its growth and also improvement to end up being a large-scale geographically varied IPP.

Over the past 15 years, the company has actually created and also looked after the appointing of more than 800MW of solar PV and wind capacity from over 70 projects. Its existing operating, all set for procedure and unfinished portfolio consists of 131 PV plants and one onshore wind farm with overall capacity of 584MW, of which around 104MW corresponds to the Sol de los Andes solar project under construction in Chile.

Opdenergy has a pipeline of projects in 5 European areas (Spain, Italy, the UK, France and Poland) and three markets in the Americas (the US, Chile and Mexico).

The IPO represents a "crucial milestone" for the company in its course to end up being a large-scale IPP in both areas, stated Luis Cid, Chief Executive Officer of Opdenergy, including: "The offering profits will certainly enable us to speed up and also fuel our enthusiastic business plan."

Santander and Citigroup will be joint bookrunners and planners for the offering, while Alantra, BofA Securities Europe, Berenberg and also RBC Capital Markets will certainly also be joint bookrunners. Evercore and Rothschild & Co will be financial consultants for the company.

With boosted investor need for clean energy properties, there has been an uptick in IPOs amongst Spanish solar gamers in recent months. Previously today, renewables designer Ecoener exposed plans for its very own IPO, aiming to raise up to EUR200 million (US$ 237.6 million) to sustain a growth of its project pipe.

Tracker manufacturer Soltec noted on the Spanish Stock Exchange in October, an IPO that the business claimed revealed strong investor need. Earnings are being utilized to resolve development chances in the solar market as well as money business strategy of the firm's Powertis project advancement unit.