Greece's Terna Energy mulls EUR-50.1m share issue

Greek renewable power producer Terna Energy SA (ATH:TENERGY) is seeking to raise EUR 50.1 million (USD 59.1m) in fresh capital through a private share offering.

The company unveiled its plans in a bourse filing earlier this week and said the final decision for the placement will be taken at a general assembly scheduled for September 1. If the proposal is greenlighted, Terna will issue up to 4.56 million of new common stock at a price of at least EUR 11 apiece.

Funds from the transaction will be allocated to fund future investments, including the development of its 330-MW Kafireas wind project, as well as for two other wind farms with a combined capacity of 97 MW.

The shares will be offered among international investors, with no first preference to be provided to existing shareholders. The Greek company’s goal is to enhance the dispersion and marketability of its stock.

Terna Energy aims to 2,000 MW of operating renewable energy assets in Greece and abroad in 2025 but in the spring said this objective will be fulfilled "much earlier.” According to its website, it currently has almost 2,000 MW of capacity, both installed or under construction.

(EUR 1.0 = USD 1.179)

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