Poleneriga plans USD 243m share sale to back green growth

Polish energy group Polenergia SA (WSE:PEP) is seeking to raise PLN 1 billion (USD 243.4mm/EUR 218.3m) for new zero-emission energy projects, including offshore wind, through a sale of Series AA shares.

The company intends to sell up to 21.43 million shares at a price of PLN 47 apiece in a public offering to investors holding Polenergia stock, it said on Thursday. The launch is planned for today.

Polenergia will use the raised proceeds to develop offshore and onshore wind projects, solar photovoltaic (PV) and electromobility schemes. A portion of the fresh capital will go to support acquisitions in selected business areas and to repay short-term debt related to onshore wind farms. The funds will be used in full within a year, Polenergia estimates.

The allocation of shares will take place on February 17, while the first day of listing rights to shares on the Warsaw Stock Exchange will be around March 2.

Presently, Polenergia has 287 MW of installed onshore wind turbine capacity and is targeting up to 600 MW more, together with partners. On the offshore front, it is involved in three projects in Polish waters totalling 3.1 GW, of which 1.44 GW -- Baltyk II and III -- are a co-development initiative with Norway’s Equinor ASA (NYSE:EQNR).

(PLN 1.0 = USD 0.243/EUR 0.218)

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