Electryon raises USD 2.4m for LatAm renewables projects

Latin America-focused renewables developer Electryon Power Inc has raised CAD 3.01 million (USD 2.35m/EUR 2.07m) in a unit placement, it said last week.

The Canada-based company placed 7.6 million units at a price of CAD 0.40 apiece with institutional and accredited investors. It will use the proceeds for working capital and general corporate needs.

Electryon has a portfolio of 400 MW of projects “at feasibility stage and beyond”. This includes its flagship project – the 300-MW San Marco solar farm – and the 100-MW Tolima and Meta projects, all in Colombia. The firm has the ambition to own and operate 2 GW of solar, wind, biomass and hydrogen assets in Colombia, Panama, Bolivia, Argentina, Chile, Peru, Guyana or other parts of Latin America.

Each of the placed units includes one Electryon share and one-half of a share purchase warrant. A full warrant gives its holder the right to pay CAD 0.60 to get one additional share. The warrants can be exercised over a period of 48 months from the issuance. Electryon can, under certain circumstances, choose to accelerate the expiration of the warrants.

(CAD 1 = USD 0.779/EUR 0.689)

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