Spanish solar firm Enerside to issue EUR-6m convertible notes

Spanish integrated solar PV platform Enerside Energy SA (BME:ENRS) said today that it has signed a non-binding term sheet with Barcelona-based venture capital firm Inveready to source funds for its growth plans and develop some 4.5 GW of projects in the portfolio.

Under the agreement, Enerside expects to issue convertible debt totalling EUR 6 million (USD 6.1m) in two equally-sized tranches. The notes could be converted into shares at a price of EUR 6.80 apiece 18 months following subscription and until maturity.

The first EUR-3-million issuance matures in 60 months, the second in 57 months. Payment-in-kind interest is set at 3.49% per year, Enerside said in a bourse filing.

Enerside conducts business in Spain, Brazil, Chile and Italy, mainly developing solar projects for sale to third parties, but it is also an independent power producer (IPP).

In early March this year, the company completed an initial public offering (IPO) on Spain’s BME Growth segment at EUR 5.46 per share, gaining a market capitalisation of EUR 204 million. At the time, it said its target was to have 1 GW of installed solar power in 2025 as an IPP.

(EUR 1.0 = USD 1.018)

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