Spanish IPP Opdenergy intends to raise as much as US$ 210m through IPO
- Spanish independent power manufacturer (IPP) Opdenergy is preparing to introduce an initial public offering (IPO) to finance its target of reaching 3.3 GW of renewables properties in operation and also under construction by 2025.
The firm intends to detail on the Spanish stock market and also anticipates to raise proceeds of up to EUR200 million (US$ 210 million) to finance its business plan up until 2025 through a key offering of new shares to certified capitalists.
The news follows the Madrid-based IPP shelved plans to go public in 2015 when it mentioned "difficult market problems" for sustainable firms.
Opdenergy stated the most up to date offering stands for the next action in its lasting development and also recurring improvement to come to be a massive geographically diversified IPP. It presently has a presence in five European markets (Spain, Italy, the UK, France and also Poland), the US and also three Latin American countries (Chile, Mexico and Colombia).
" Our goal of ending up being a noted company is an essential turning point for Opdenergy," said CEO Luis Cid. "The funds gotten with the offer will permit us to continue developing renewable resource projects in our markets."
The company claimed it is in sophisticated discussions with an investor that has revealed interest in subscribing to around 25% of the offering, while it likewise plans to provide less than EUR8 million in new shares to all sorts of investors resident in Spain.
Santander, Barclays as well as Société Générale will certainly be joint global coordinators and joint bookrunners for the offering, while JB Capital Markets as well as Sociedad de Valores will be joint bookrunners.
Opdenergy's operating and under-construction projects consist of 34 solar PV plants and one onshore wind farm, with a complete gross installed capacity of 1,586 MW. The firm reached commercial operations at its 104MWp Sol de Los Andes solar project in Chile earlier this year.
