Inverter manufacturer SolarEdge is seeking to raise up to US$500 million through a private offering, the company confirmed today.
In a statement issued this morning, SolarEdge announced its intent to offer US$500 million of convertible senior notes that would be due in five years’ time within a private offering to institutional investors.
Net proceeds from the offering are to be spent on “general corporate purposes”, the company said, with no further detail provided.
Precise details of the offering, including initial conversion price and the interest rate, are to be confirmed at a later date, however the notes will mature on 15 September 2025 unless redeemed or converted at an earlier date.
Last month SolarEdge posted a solid set of Q2 financial results with revenue for the three months ended 30 June 2020 totalling US$331.9 million, towards the top end of guidance issued during the prior quarter. This was representative of a 2% increase year-on-year in spite of the pandemic creating “many operational challenges”, chief executive Zvi Lando said.
Equally, SolarEdge noted that it had amassed a cash, cash equivalents, deposits and marketable securities stockpile of nearly US$600 million, with CFO Ronen Faier adding that the company could look to bolster its R&D as a result of a strong financial position and reduced operational expenditure.
Jun 15 - Jun 16, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.