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    Voltalia to back capacity ambitions with EUR-490m capital hike

    November 16, 2022 - SeeNews Renewables


      November 16 (Renewables Now) - French renewable power plants operator Voltalia SA (EPA:VLTSA) will carry out a EUR-490-million (USD 510.7m) capital increase in a bid to raise funds to back its 2027 goal for at least 5 GW of capacity in operation or under construction.

      At least EUR 450 million from the transaction is planned to go for the construction of new plants, the French firm said in a bourse filing on Wednesday. It estimates it will need between EUR 2.5 billion and EUR 3 billion in investments to achieve the 2027 capacity target.

      The capital increase in cash with preferential subscription rights (PRS) will be conducted among Voltalia’s shareholders and will see the company issue 35.8 million new shares at EUR 13.7 each. Holders of preferential subscription rights will be able to get three new shares for eight existing shares held. Subscriptions will be made between November 21 and November 30.

      Results from the offering will be available on December 5, with the new stock due to start trading on Euronext Paris two days later.

      A portion of the raised proceeds is earmarked for financing the expansion of Voltalia’s services business and its goal of overseeing over 8 GW of power plants on behalf of third parties, with some funds to be allocated for potential acquisitions in Africa, Latin America or Europe.

      Voltalia said it has so far received subscription commitments of 72.95% of the total offered amount in the deal. Voltalia Investissement, its reference shareholder, has committed to invest EUR 345 million, subscribing for 70.45% of the total volume, while Proparco, a subsidiary of French development agency Agence Francaise de Developpement (AFD), will invest EUR 12 million.

      (EUR 1.0 = USD 1.042)


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