- Press Releases
May 5 (Renewables Now) - Spanish renewable energy company Opdenergy Holding SA said Wednesday that it has decided to postpone its initial public offering (IPO) it had scheduled for May 7.
The move was prompted by the “challenging market conditions overall and for renewable energy companies”, Opdenergy said in bourse filing.
“Consequently, the orders and indications of interest received from investors in the Offering are terminated,” the notice reads, with no mention of an alternative date.
In late April, Opdenergy priced its stock between EUR 4.26 (USD 5.12) and EUR 5.20, in the hopes of raising EUR 375 million to EUR 425 million to bankroll the development of around 3.7 GW of mature projects.
The decision to postpone the listing is announced a day after Opdenergy’s compatriot and peer Grupo Ecoener SA (BME:ENER) saw its shares drop 15% on the first day of trading in Spain yesterday, after previously failing to drum up sufficient investor interest. The two companies announced their IPO plans a day from one another in early April.
Before delaying the offering, Opdenergy was looking at banks as the source of financing for its most visible projects. The company was preparing to secure close to EUR 500 million in long-term project finance for a 725-MWp solar portfolio, appointing lender Banco Bilbao Vizcaya Argentaria SA (BME:BBVA) as mandated lead arranger and underwriter.
Spanish group Acciona SA (BME:ANA) is the next in line to bring its renewables to Spain’s dormant IPO arena. Its shareholders approved the plan and told the board to carry out the IPO “whenever its deems appropriate”.
(EUR 1.0 = USD 1.201)