Opdenergy is in advanced discussions with a Cornerstone Investor that has expressed interest in subscribing to approximately 25% of the Offering, subject to a maximum valuation of €575 million (equity value) prior to the issuance of new shares.
The Company intends to apply for admission of its ordinary shares to be listed on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges for trading through the Automated Quotation System (Mercado Continuo) of the Spanish Stock Exchanges.
The offering represents the next step in Opdenergy’s long-term development and ongoing transformation to become a large-scale geographically-diversified independent power producer (“IPP”). The net proceeds of the Offering will be used to finance capital expenditures associated with the development of its target for 2025, which is to reach a capacity of c.3.3 GW of assets in operation and under construction. This means more than doubling its current gross operating and under construction capacity and increasing its actual operating capacity by approximately six times (c.6x).
Furthermore, Opdenergy intends to offer a portion of the shares of the Offering, for an amount of less than 8 million euros, to all types of investors resident in Spain. In addition, shares will be offered to certain employees of the Group, members of Senior Management, the Chief Executive Officer and certain persons closely related or linked to the Company, to Senior Management or to the Company’s shareholders.
Luis Cid, CEO of Opdenergy, stated: “Our goal of becoming a listed company is a key milestone for Opdenergy. 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. The Company has a portfolio of high-quality operating and under-construction projects, well-diversified and backed by a large pipeline with which to execute our business plan for the coming years, which positions us as a great value option for investors in the current context.”
Banco Santander, S.A., Barclays Bank Ireland PLC and Société Générale will be acting as joint global coordinators and joint book-runners for the Offering. JB Capital Markets, Sociedad de Valores, S.A. will be acting as joint book-runner for the Offering. Banco Cooperativo Español, S.A. and GVC Gaesco Valores, Sociedad de Valores, S.A. will be acting as co-lead managers. Banca March, S.A. and Renta 4 Banco, S.A. will be acting as placement agents.
Linklaters’ team advising Opdenergy is being led by partner Pablo Medina while Opdenergy general counsel Alfonso Álvarez Herráiz is leading the in-house team.
