Intl investors commit to buying over EUR 68m of Terna Energy stock

Greek renewable power producer Terna Energy SA (ATH:TENERGY) expects to raise over EUR 68.5 million (USD 81m) in fresh funds from a recently unveiled share issue plan.

The company said on Tuesday it has finalised the process of collecting binding offers, receiving commitments for 6.23 million of shares. Those were in excess of the company’s initial plan for a capital increase involving the issuance of 4.56 million of new common stock at a price of EUR 11 apiece.

Four international institutional investors expressed binding interest to acquire Terna Energy stock -- Anavio Capital Partners LLP, Blackrock Inc (NYSE:BLK), Kayne Anderson Capital Advisors LP and Impax Asset Management (LON:IPX). Terna Energy said it will allocate the raised funds to support projects for clean energy production and storage in the Greek market in line with the company’s investment programme addressing climate change.

“The new funds are expected to give even greater boost to the overall development plan of our Group, as they strengthen its equity position and optimize its capital structure, increasing at the same time the dispersion and marketability of the company’s shares,” said George Peristeris, chairman of Terna Energy Group.

The final approval for the placement will be taken at an extraordinary general meeting scheduled for September 1.

(EUR 1.0 = USD 1.183)

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