Austria's WEB Windenergie plans capital increase to fund growth

Austrian renewables company WEB Windenergie AG plans to raise up to EUR 2.88 million (USD 3.4m) in a share issue to be launched on Wednesday in a bid to strengthen its capital and finance its growth plans.

The new shares will be issued at a price of EUR 85 apiece and shareholders will be able to subscribe to one new share for every ten shares held in the company from September 1 to October 13. More shares will be offered without subscription rights at a price in the range of EUR 95 to EUR 105.

The share issue will boost the company’s capital to up to EUR 31.73 million and will give it more financial leeway in the long term, said CFO Michael Trcka.

WEB Windenergie, based in Pfaffenschlag, Lower Austria, develops, builds and operates wind and solar power plants. It operates wind, solar and small hydropower stations with a combined capacity of 523 MW and has a project pipeline with a total of 70 MW of wind and solar power capacity that will be deployed this year and next in Austria, Italy and the US.

In Austria, the company is currently working on three wind power projects with a total capacity of over 40 MW, said chief executive Frank Dumeier. In May, WEB Windenergie launched the construction of a 20-MW wind farm in Maine, the US.

(EUR 1 = USD 1.180)

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