Greenvolt – Energias Renováveis, S.A.

Greenvolt operates as a leading Company in the renewable energy sector in Portugal in the segment of electricity generation from forest biomass. It is also a leading player in Europe in the development of utility-scale solar and wind projects, as well as distributed generation with a presence in several countries.

Capital Markets

2021

IPO

Listing on Euronext Lisbon on July 15, 2021, after the issue (through a private placement offer) of 41.8 millions new shares, at a unitary subscription price of €4.25, resulting in a €129.9 millions of share capital increase in cash (IPO), to which was added €19.5 millions of share capital increase in cash (GreenShoe) and €47.6 millions of share capital increase in kind.

Green Bond Emission

Greenvolt has successfully completed a green bond issue (through a private placement offer) for a global amount of €100 millions, with a maturity of 7 years and a fixed coupon of 2.625%. These bonds are listed on Euronext Lisbon.

2022

Capital Increase

Greenvolt successfully completed a share capital increase reserved for shareholders, corresponding to the issuance of 17,792,576 New Shares, with a subscription price of €5.62. The total demand for this share capital increase amounted to 186.8% of the Offer’s size, corresponding to proceeds of about €100 millions.

Green Bond Emission

Greenvolt has successfully completed a green bond public offer, for a global amount of €150 millions, with a maturity of 7 years and a fixed coupon of 2.625%. These bonds are listed on Euronext Lisbon.

Main reasons to admit Shares in the stock market

  • Fund Greenvolt’s growth strategy which is focused on three pillars – residual biomass, utility scale solar PV and on-shore wind development, and distributed generation based on solar sources;
  • Establishing capital markets as a source of financing for future growth;
  • Enhance the Issuer and Group’s value proposition through an increased level of autonomy, allowing for an independent capital structure, moving from a parent-subsidiary relationship to a diversified investor base;
  • The admission was also expected to unlock shareholder value by increasing visibility of the Issuer’s standalone valuation and by potentially reducing Altri’s holding discount.

Main reasons to issue Bonds

  • Diversify the sources and types of financing, extend the debt maturity profile and strengthen the Company’s capital structure;
  • Finance and refinance:
  • New and/or existing renewable energy projects and energy efficiency projects;
  • Integrated pollution prevention and control;
  • M&A transactions within the renewable energy sector;
  • other related and supporting expenditures such as R&D.
  • Improve investor diversification and enhance Greenvolt’s reputation.

The Eligible Green Projects are aimed at providing clear environmental benefits as a positive environmental impact, by avoiding or reducing greenhouse gas (GHG) emissions. The positive impact can be measured as energy efficiency improvement, decarbonization, job creation and economic growth, sustainable forest management practices and enhance circular economy.

Since the IPO and the green bonds issuance, Greenvolt has announced the building of new solar and wind farms and the acquisition of several companies in the energy sector. The financing raised allowed the Company to fund its expansion plan, reinforce its leading position, and ensure an autonomous and strengthened capital structure fostering swiftness and flexibility in decision making.

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