By Sergio Goncalves
LISBON, June 24 (Reuters) – Portuguese biomass vitality agency Greenvolt mentioned on Thursday it deliberate to lift 150 million euros ($179 million) by a inventory market itemizing to fund its growth, together with in European photo voltaic parks and wind farms.
Greenvolt, which is absolutely owned by Portuguese pulp producer Altri ALSS.LS, mentioned it will supply new shares to institutional buyers in an preliminary public providing (IPO). The corporate goals to drift a 25% stake.
“The IPO of Greenvolt will make its worth seen … and can present the corporate with capital independence to proceed to fulfil its development ambitions,” Chief Govt João Manso Neto mentioned in an announcement.
Greenvolt didn’t give a timeframe for the IPO.
Renewable vitality corporations in Spain and Portugal are lining as much as faucet the marketplace for funds, with the trade changing into more and more standard amongst buyers worldwide as governments and companies attempt to wean themselves off fossil fuels and stem local weather change.
Greenvolt, which operates 5 forest biomass-fired thermoelectric vegetation in Portugal, mentioned it deliberate to speculate between 1.5 billion and 1.eight billion euros by 2025, aiming to develop 3.6 gigawatts (GW) of photo voltaic photovoltaic and onshore wind tasks in Poland, Greece, Romania and Portugal.
It additionally needs so as to add 40 megawatts (MW) of capability to its biomass portfolio per 12 months.
Along with the IPO, Greenvolt will grant new shares value 56 million euros to the shareholders of Polish renewable vitality agency V-Ridium in trade for his or her firm.
V-Ridium is a photo voltaic and onshore wind developer with a complete potential pipeline in Poland, Greece, Italy and France of two.7 GW, of which 1.Three GW is underneath development.
Greenvolt expects its internet revenue will develop at a compound annual development charge of 40% between 2021 and 2025, after reserving a revenue of 17.9 million euros in 2020.
($1 = 0.8383 euros)
(Reporting by Sergio Goncalves, Modifying by Inti Landauro and Mark Potter)
(([email protected]; +351213509204; Reuters Messaging: [email protected]))
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially replicate these of Nasdaq, Inc.