Portuguese pulp producer Altri SGPS SA (ELI:ALTR), which is preparing to list its biomass energy subsidiary Greenvolt – Energias Renovaveis SA on the Euronext Lisbon bourse, entered into a transaction agreement to help beef up the business with gigawatts worth of wind and solar projects.
Altri said that, alongside Greenvolt, it has signed a non-binding memorandum of understanding (MoU) with Poland-incorporated V-Ridium Europe Sp z.o.o. W Organizacji, or V-R Europe, for the latter to participate in Greenvolt’s capital increase in the context of its initial public offering (IPO).
The transaction may happen via a contribution in kind, with V-R Europe paying with the totality of the shares and voting rights in its subsidiary V-Ridium Power Group Sp z.o.o.
Altri said that there is no certainty that the transaction will be finalised as projected given the non-binding nature of the MoU. If it does proceed in this form, Greenvolt will hold V-Ridium’s entire share capital and voting rights, while V-R Europe will become a qualified shareholder of Greenvolt, Altri added.
The size of V-R Europe’s stake will be determined at the IPO.
Greenvolt operates five power plants fed forest biomass with around 97 MW of installed capacity. Altri said that forest biomass will continue to be Greenvolt’s core business, but it also wants the subsidiary to become an international player and branch out into the wind and solar power segments.
V-Ridium, according to Altri, operates in the renewable energy sector and has a pipeline of around 2,800 MW of wind and solar projects mainly in Greece and Poland, where the company is based.
In August 2020, V-Ridium took over activities previously run by GEO Renewables SA, which several years ago commissioned a wind farm in Poland as a local partner to Portugal’s EDP Renovaveis SA (ELI:EDPR). In March 2021, EDPR’s former CEO Joao Manso Neto was appointed to the CEO seat at Greenvolt, Altri said at the time.
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