Portugal's Greenvolt launches IPO to fund expansion in renewables
24/06/2021 08:58
By Sergio Goncalves
LISBON, June 24 (Reuters) - Portuguese biomass energy firm
Greenvolt said on Thursday it planned to raise 150 million euros
($179 million) through a stock market listing to fund its
expansion, including in European solar parks and wind farms.
Greenvolt, which is fully owned by Portuguese pulp producer
Altri ALSS.LS , said it would offer new shares to institutional
investors in an initial public offering (IPO). The company aims
to float a 25% stake.
"The IPO of Greenvolt will make its value visible ... and
will provide the company with capital independence to continue
to fulfil its growth ambitions," Chief Executive João Manso Neto
said in a statement.
Greenvolt did not give a timeframe for the IPO.
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, said it planned to invest
between 1.5 billion and 1.8 billion euros by 2025, aiming to
develop 3.6 gigawatts (GW) of solar photovoltaic and onshore
wind projects in Poland, Greece, Romania and Portugal.
It also wants to add 40 megawatts (MW) of capacity to its
biomass portfolio per year.
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.
V-Ridium is a solar and onshore wind developer with a total
potential pipeline in Poland, Greece, Italy and France of 2.7
GW, of which 1.3 GW is under construction.
Greenvolt expects its net profit will grow at a compound
annual growth rate of 40% between 2021 and 2025, after booking a
profit of 17.9 million euros in 2020.
($1 = 0.8383 euros)
(Reporting by Sergio Goncalves, Editing by Inti Landauro and
Mark Potter)
((sergio.goncalves@thomsonreuters.com; +351213509204; Reuters
Messaging: sergio.goncalves.reuters.com@reuters.net))