Private equity firm Antin Infrastructure Partners has made a voluntary offer to buy the entirety of the shares of Spanish renewable energy developer Opdenergy for €866 million (US$935 million).
Following commitments from Opdenergy’s CEO and founding shareholders – who hold around 71% of the company – to sell their shares to Antin, an offer was made to buy out all shareholders for €5.85 per share in cash. Antin said that this price is 46% above the last undisturbed price and 23% up on the price of shares in Opdenergy’s initial public offering (IPO).
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Upon a completed acquisition, Opdenergy would be delisted from the Spanish stock exchange. Last June the company issued its IPO, seeking to raise US$210 million – this followed a postponed plan to go public the previous year as 2021 posed ‘challenging market conditions.’
“The announced investment in Opdenergy reflects our assessment of the company’s present and future value and our confidence in its potential for growth in Spain and abroad. We are honoured to continue in this journey alongside Opdenergy and its management team, in particular its CEO, Luis Cid Suárez,” said Francisco Cabeza, partner at Antin.
Across its portfolio Opdenergy current has 904MW of operational renewable capacity, with a further 951MW either under construction or in the development stage. In July it secured US$355 million for a 605MW Spanish PV portfolio.
Antis also holds stakes in German developer Blue Elephant and US renewables platform Origis Energy.