Pacifico raises EUR 9.8m to fund wind park deal in Poland

Pacifico Renewables Yield's wind park near Berthelsdorf in Central Saxony, Germany. Image by Pacifico Renewables Yield AG.

November 11 (Renewables Now) - German renewable energy producer Pacifico Renewables Yield AG (ETR:PRY) has raised EUR 9.8 million (USD 11.3m) in gross proceeds in a share issue as it needs fresh capital to finance the acquisition of 51.8 MW of wind capacity in Poland.

Pacifico has placed a total of 338,276 shares at a price of EUR 29 apiece as part of an accelerated bookbuilding process, the company said on Wednesday.

The proceeds from the capital increase will be invested in the acquisition of three wind parks in Poland with a total capacity of 51.8 MW that was agreed in October. The deal is based on a cash-free enterprise value of some EUR 104 million.

The three facilities were commissioned by the end of the first half of 2021.

Apart from the acquisition, the proceeds from the share issue will be used to refinance an existing revolving credit line.

(EUR 1 = USD 1.156)

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