Spain's Opdenergy plans to raise up to EUR 200m in relaunched IPO

Spanish renewable energy company Opdenergy Holding SA on Wednesday brought back its plan to conduct an initial public offering (IPO) in Spain after stopping the process at the last moment in May last year.

In the renewed attempt, the solar and wind energy developer is offering new shares to raise gross proceeds of up to EUR 200 million (USD 209.7m) to finance its renewables target for 2025.

Opdenergy said it was in advanced discussions with an anchor investor interested in subscribing to around 25% of the offering, subject to reaching an equity value of EUR 575 million prior to the issuance of new shares. It said it would also offer less than EUR 8 million in new shares to all type of investors in Spain.

Back in May 2021, Opdenergy was preparing to raise between EUR 375 million to EUR 425 million in the IPO, but pulled out just days ahead of the scheduled bell-ringing citing “challenging market conditions overall and for renewable energy companies”. Later in November, Reuters reported sources as saying that the company was looking to re-start the process in 2022.

Proceeds from the new offering will help Opdenergy finance its business plan and the target of reaching around 3.3 GW of renewables in operation and under construction in 2025. At present, its portfolio includes roughly 2.4 GW of projects in operation, construction and pre-construction, it said.

Opdenergy conducts business in Spain, Italy, UK, France, Poland, the US, 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, with a profitable and business-oriented strategy, focused on sustainability, and on continuing to supply clean energy to our customers in Europe and America”.

(EUR 1.0 = USD 1.048)

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