Polish wind, solar builder Onde raises EUR 97m in IPO

PGE's first solar plant. Author: PGE Polska Grupa Energetyczna SA. License: All Rights Reserved

July 21 (Renewables Now) - Polish wind and solar contractor Onde (WSE:OND) listed on the Warsaw Stock Exchange on Monday after completing an initial public offering (IPO) and raising PLN 444.5 million (USD 114m/EUR 96.7m).

The renewables-focused unit of Polish construction group Erbud SA (WSE:ERB) sold a combination of new and existing stock at the maximum offering price of PLN 26.00 apiece. This valued the company at PLN 1.43 billion.

The funds raised from the issue of new stock -- 8.25 million shares for total proceeds of PLN 214.5 million -- will be spent on the purchase of new wind and solar projects. Onde will build the plants and then sell them to investors.

So far, the company has been involved in wind and solar projects with a combined capacity of nearly 3 GW.

In 2020, Onde generated PLN 586.3 million in revenues, up by 54% on the year, and recorded a 116% surge in earnings before interest, tax, depreciation and amortisation (EBITDA) to PLN 46.2 million. This year seems to be even stronger as in just the first quarter it generated almost 40% of its 2020 revenues, or PLN 229.6 million.

Since its Monday debut on the WSE, Onde’s trading price has reached a high of PLN 28.08.

(PLN 1 = USD 0.256/EUR 0.218)

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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