Spain's Greenalia receives delisting offer

Major shareholders of Spanish renewables developer Greenalia SA (BME:GRN) have expressed interest in buying out the remaining stock and delisting the company from the BME Growth segment of Spain’s stock exchange.

According to Greenalia’s bourse filing, Smarttia SLU and Alazady Spain SL are offering to pay EUR 17.50 (USD 18.39) per share, above the closing price of EUR 16.2 on Monday.

Greenalia has 13.30% of its stock in free float.

Smarttia, led by Greenalia’s CEO Manuel Garcia, controls the company with an 81.21% stake. Alazady Spain, which holds a 5.19% stake, represents a family office led by Spanish businessman Jose Maria Castellano, formerly the CEO of fashion group Industria de Diseno Textil SA (BME:ITX). Castellano acquired his stake in Greenalia in 2020.

Greenalia currently has 125 MW of renewable energy capacity in operation, across five onshore wind farms and one biomass-fired power plant all located in the Spanish region of Galicia. It is also heavily involved in floating wind development off the coast of the Canary Islands, where it has a pipeline of 250 MW of projects.

Last year, Greenalia arrived in the US renewables market via an acquisition of a company that owned a large-scale ready-to-build solar project in Texas.

(EUR 1.0 = USD 1.051)

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