Spanish IPP Opdenergy plans to raise up to US$210m through IPO

June 29, 2022
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A 50MW project from Opdenergy in Spain’s Andalucía region. Image: Opdenergy.

Spanish independent power producer (IPP) Opdenergy is planning to launch an initial public offering (IPO) to finance its target of reaching 3.3GW of renewables assets in operation and under construction by 2025.

The company intends to list on the Spanish stock exchange and expects to raise proceeds of up to €200 million (US$210 million) to finance its business plan until 2025 through a primary offering of new shares to qualified investors.

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The announcement comes after the Madrid-based IPP shelved plans to go public last year when it cited “challenging market conditions” for renewable companies.

Opdenergy said the latest offering represents the next step in its long-term development and ongoing transformation to become a large-scale geographically diversified IPP. It currently has a presence in five European markets (Spain, Italy, the UK, France and Poland), the US and three Latin American countries (Chile, Mexico and Colombia).

“Our goal of becoming a listed company is a key milestone for Opdenergy,” said CEO Luis Cid. “The funds obtained with the offer will allow us to continue developing renewable energy projects in our markets.”

The company said it is in advanced discussions with an investor that has expressed interest in subscribing to approximately 25% of the offering, while it also plans to offer less than €8 million in new shares to all types of investors resident in Spain.

Santander, Barclays and Société Générale will be joint global coordinators and joint bookrunners for the offering, while JB Capital Markets and Sociedad de Valores will be joint bookrunners.

Opdenergy’s operating and under-construction projects include 34 solar PV plants and one onshore wind farm, with a total gross installed capacity of 1,586MW. The company reached commercial operations at its 104MWp Sol de Los Andes solar project in Chile earlier this year.

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