Sunday, May 22 2022 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Today's News
Yesterday's News
Week of May 16
Week of May 09
Week of May 02
Week of Apr 25
Week of Apr 18
By Topic
By News Partner
Gas News
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Enerside announces IPO with a $40 million capital increase


    January 25, 2022 - CE Noticias Financieras

     

      Enerside Energy announced yesterday its intention to start trading on the BME Growth market through a capital increase of 40 million euros in order to finance its growth plan. The Barcelona-based company intends to list all its shares on this market aimed at small-cap companies with expansion plans. Market sources value the company at around 190 million euros.

      Founded in 2007, Enerside has so far focused on the development of photovoltaic generation projects for third parties, but from now on it plans to make a leap in its business with the installation of its own farms. It has developed projects in Spain, Chile and Brazil and is currently building 126 megawatts (MW) for third parties and manages the operation and maintenance of 21 MW in solar parks, also for other companies. Its turnover, for the time being, is small, around 10 million euros.

      However, by the end of 2021, it has already started the construction of its first farms in Chile, for a total of 26 MW. The company has a portfolio of 4.5 GW under development. A total of 3 GW, 70 % of its current portfolio of projects under development, have reached or will reach during 2022-2023 the final phase. In addition, it has identified another 3.4 GW as identified inorganic growth opportunities. As announced by the company, Enerside has an asset sale rotation strategy that will involve selling a significant portion of its late-stage portfolio and keeping up to 1 GW to operate as an independent power producer.

      "The company is ready to take the step to go to market," stressed CEO and founding partner Joatham Grange, who recalled that the company has been preparing for this for some time. "It has been a year and a half since we joined the Pre-Market environment, in the Growth segment, which is aimed at companies with a longer track record in all these types of sectors, and we have made progress in our corporate governance by complying with the recommendations of good governance and the incorporation of independent directors to our board of directors," explained Grange. Thus, its board of directors includes, among others, IESE professor Pedro Nueno and former minister Anna Birulés.

      Enerside has so far been financed mainly through private capital increases, but the company, Grange explained, "is at a very mature stage and needs to make more significant investments to carry out the construction" of its projects as an independent power producer.

      The transaction will be led by Alantra, as global coordinating entity. Renta 4, Andbank and Alantra itself will act as underwriters in the IPO.

    TOP

    Other Articles - International


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.