Spanish renewables developer Opdenergy Holding SA has priced its upcoming EUR-200-million (USD 200m) initial public offering (IPO) in the range of EUR 4.75 to EUR 5.40 per share, it said on Monday.
The indicative and non-binding offering price gives the wind and solar power producer a market value of between EUR 503 million and EUR 572 million ahead of the capital increase, Opdenergy calculated. Its prospectus has not yet been published.
The company plans to execute the IPO by offering new ordinary shares, and leave existing shares, accounting for 10% of the offering, for the over-allotment option.
Spanish entity Global Portfolio Investments SL, under an irrevocable agreement, committed to buying new Opdenergy shares representing 6% of the company’s share capital post-offering.
As announced two weeks ago, Opdenergy would use the proceeds to finance its business plan through 2025, in the hope of reaching around 3.3 GW of renewables in operation and under construction by then and becoming a larger and more geographically diversified independent power producer. It currently has some 2.4 GW of renewables in operation, under construction and in the pre-construction stage.
Also on Monday, Opdenergy said that it has signed a new corporate debt facility of up to EUR 250 million with energy sector investor EIG and Generali Global Infrastructure on behalf of funds, for the issuance of new senior bonds with a three-year maturity terms. The company will use the facility to redeem EUR 140 million of outstanding notes issued in 2021.
(EUR 1.0 = USD 1.0)
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