Opdenergy says it’s worth up to €572m as it prepares for IPO

July 12 (Renewables Now) — Spanish renewable energy developer Opdenergy Holding SA has priced its upcoming €200 million ($200 million) initial public offering (IPO) in a range of 4.75 to 5.40 euros per share, he announced on Monday.

The indicative, non-binding offer price gives the wind and solar power producer a market value of between 503 million euros and 572 million euros before the capital increase, Opdenergy calculated. Its prospectus has not yet been published.

The company plans to execute the IPO by offering new common shares and leaving existing shares, representing 10% of the offering, for the over-allotment option.

The Spanish entity Global Portfolio Investments SL, under an irrevocable agreement, has undertaken to purchase new Opdenergy shares representing 6% of the company’s share capital after the offer.

As announced two weeks ago, Opdenergy would use the proceeds to fund its business plan through 2025, hoping to reach around 3.3 GW of renewables in operation and under construction by then and to become a larger and more geographically diverse independent power producer. It currently has approximately 2.4 GW of renewable energy in operation, under construction and in the pre-construction phase.

Also on Monday, Opdenergy announced that it had signed a new corporate credit facility of up to €250 million with energy investor EIG and Generali Global Infrastructure on behalf of the funds, for the issuance of new bonds. senior for a period of three years. The company will use this facility to buy back €140 million of outstanding bonds issued in 2021.

(1.0 EUR = 1.0 USD)

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