Greenvolt raises $177 million in IPO to fund expansion
14/07/2021 18:17
By Sergio Goncalves
LISBON, July 14 (Reuters) - Portuguese renewable energy firm
Greenvolt GVOLT.LS said on Wednesday it had raised 150 million
euros ($177.29 million) in an initial public offering to fund
its expansion, including in European solar parks and wind farms.
The IPO, which is the largest on the Portuguese stock
exchange since 2014, values Greenvolt above 500 million euros.
Trading in Greenvolt shares on the Euronext Lisbon bourse
will start on Thursday.
Greenvolt priced 30.59 million shares at 2.45 euros per
share - at the bottom of its initially set range that went up to
5 euros. A greenshoe option of up to 4.59 million additional
shares open to the joint global coordinators of the offering
will be exercised, it said.
Greenvolt, which until now has been fully owned by
Portuguese pulp producer Altri ALSS.LS , will have a free float
of around 25%.
Chief Executive Joao Manso Neto said that the Greenvolt
project was strong and growth in renewable energy would go
beyond Portugal and Spain.
"Greenvolt will leverage its expertise to enter in other
European countries, positioning itself as the reference player
in the consolidation of this technology in Europe," Manso Neto
said during the presentation of the IPO results.
Renewable energy companies in Spain and Portugal are lining
up to tap the market for funds, with the industry becoming
increasingly popular among investors worldwide as governments
and corporations try to wean themselves off fossil fuels and
stem climate change.
Greenvolt, which operates five forest biomass-fired
thermoelectric plants in Portugal, plans to invest as much as
1.8 billion euros by 2025 in solar photovoltaic and onshore wind
projects elsewhere in Europe.
In addition to the IPO, Greenvolt will grant new shares
worth 56 million euros to the shareholders of Polish renewable
energy firm V-Ridium in exchange for their company.
($1 = 0.8461 euros)
(Reporting by Sergio Goncalves; editing by Barbara Lewis)
((sergio.goncalves@thomsonreuters.com; +351213509204; Reuters
Messaging: sergio.goncalves.reuters.com@reuters.net))