Germany's 7C Solarparken seeks to raise EUR 7.9m in share issue

Image by 7C Solarparken AG. All Rights Reserved.

August 18 (Renewables Now) - German photovoltaic (PV) plants owner 7C Solarparken AG (ETR:HRPK) has decided to launch a capital increase, seeking to raise up to EUR 7.9 million (USD 8.03m) to finance investments and project development plans.

The company will issue up to 1.73 million new shares at a price of EUR 4.55 apiece, it said in a press release on Wednesday.

Existing shareholders are entitled to participate in the capital increase and subscribe to shares from August 22 until September 5.

The transaction is managed by Hamburg-based private bank M.M.Warburg.

The fresh capital will be used to finance planned investments and newly identified opportunities in the project development business as 7C Solarparken aims to expand its portfolio to 525 MWp by the end of 2024.

The Bayreuth-based company has a solar portfolio of 352 MWp. Including asset management, the portfolio rises to 412 MWp.

More than 95% of the solar plants are located in Germany, predominantly in Bavaria and Saxony.

(EUR 1 = USD 1.016)

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