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Voltalia finalises EUR-376m capital raise

The Castellet solar park. Photo by: Voltalia (www.voltalia.com).

July 11 (Renewables Now) - French renewable power producer Voltalia SA (EPA:VLTSA) has concluded its previously announced capital hike, raising EUR 375.6 million (USD 423.5m) in gross proceeds and describing it as a “great success.”

The capital raise will result in the issue of roughly 40.8 million new shares at a subscription price of EUR 9.20 apiece, and the increase of the free float to EUR 213 million from EUR 116 million, representing 23.15% of the share capital after the raise. The settlement-delivery and admission of the new shares to trading on the bourse will take place on July 15, 2019.

Following the transaction, Voltalia's market capitalisation amounts to EUR 920 million and strategic shareholders Creadev and Proparco hold 69.85% and 4.10% of the company’s share capital, respectively. At the same time, the European Bank for Reconstruction and Development (EBRD) has ended up with a 2.78% interest.

As previously reported, Voltalia plans to use the proceeds to finance the pursuit of its goal to achieve at least 2.6 GW of consolidated capacity in operation or under construction by 2023. At least EUR 300 million of the proceeds will be allocated for the construction of 1.6 GW, beyond the 1 GW that are expected to be installed in 2020.

Under the terms of a memorandum of understanding (MoU) entered into between Voltalia and the EBRD, the French company has to invest at least EUR 50 million in EBRD operating countries such as Morocco, Tunisia, Egypt or Greece.

(EUR 1.0 = USD 1.128)

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Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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