Independent power producer has Opdenergy has postponed an initial public offering (IPO) just days before its shares were due to start trading on the Spanish stock exchanges.
The company said it made the move in light of “challenging market conditions” overall and for renewable energy companies. Its shares had been expected to start trading on 7 May 2021.
When announcing the IPO last month, Opdenergy said it planned to raise proceeds of €400 million (US$475 million) to support the development of 3.7GW of renewables and help it become a geographically diversified IPP. It has a pipeline of renewables projects in five European counties (Spain, Italy, the UK, France and Poland) and three markets in the Americas (the US, Chile and Mexico).
The cancellation was announced a day after another Spanish IPP and project developer, Ecoener, saw its shares fall by more than 15% on its first day of trading in Spain. A lack of interest meant the company delayed the listing and reduced the size of its offer.
Meanwhile, while Spanish energy company Acciona has secured approval for an IPO of its renewables division, last month saw Madrid-based solar and wind developer Capital Energy ditch its own market listing, in part due to volatility in the market.