Portugal's Greenvolt targets solar engineering co Profit Energy
Solar farm in Portugal. Author: Hugo Cadavez.
Portuguese renewables company Greenvolt – Energias Renovaveis SA intends to acquire Profit Energy, a domestic engineering company specialising in the development and design of renewable energy and energy efficiency projects.
The plan was made public on Monday by the country's Competition Authority (AdC), but no financial information about the purchase was disclosed. AdC was notified about it on July 14, 2021. It said that any observations on this merger proposal should be submitted within 10 business days.
According to the filling, Profit Energy consists of Track Profit Energy Lda and its subsidiary Track Profit Energy II Invest Unipessoal Lda. The company has a particular focus on solar photovoltaic (PV) systems and LED lighting and offers project development, engineering, procurement and construction (EPC), as well as operation and maintenance (O&M) services.
Greenvolt, a unit of Portuguese pulp producer Altri SGPS SA (ELI:ALTR), recently priced its initial public offering (IPO) on Euronext Lisbon at EUR 4.25 (USD 5.00) per share, aiming to raise up to EUR 150 million, including over-allotments.