Spain's renewables firm Greenalia delisted today

Shares in Spanish renewables developer Greenalia have been delisted from Spain’s BME Growth market as of August 4 at the company’s request, after its two major shareholders bought the free float to take control, the market operator said.

The delisting concludes a process that started in early May this year when Smarttia SLU and Alazady Spain SL, which together held 86.4% of Greenalia shares, launched an offer to pay EUR 17.50 (USD 17.82) for the remaining stock and delist the company. At the time, treasury stock accounted for 0.30%, while 13.30% of shares were in free float.

Greenalia's shares finished on Tuesday at EUR 16.35.

Smarttia is an entity led by Greenalia CEO Manuel Garcia. Alazady Spain represents a family office led by Spanish businessman Jose Maria Castellano, who first became Greenalia’s shareholder in 2020 after acquiring a 5% stake.

After an extended acceptance period, the two bought enough shares to end up controlling close to 98% of Greenalia, the company informed the market at the end of July.

Greenalia closed 2021 with a net profit of EUR 12 million, following a EUR-0.5-million loss recorded in the year-ago period. Its annual EBITDA went up by 251% year-on-year to EUR 38.7 million, according to the 2021 financial statement.

At the end of 2021, the company had five wind farms and one biomass-fired power plant for a total of 125 MW operating in Spain. In 2021, it expanded its business to the US, after acquiring the 695-MWp Misae II ready-to-build solar project in Texas. This acquisition was followed by a purchase of another group of Texas solar projects totalling 530 MW.

Greenalia is also active in Spain's floating wind sector, having some 250 MW of projects in development around the Canary Islands.

(EUR 1.0 = USD 1.018)

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